We never think it’s going to happen to us. It’s always someone else. Think about how many people you know of who have suffered a serious illness or have died within the last year or so. The older we get the more bad news we hear.
Some clients have told us that they don’t believe in insurance. They might not, but what will happen to their loved ones who are left to clean up the financial mess?
Insurance is just a funding tool – what we are really talking about is what will happen to all your future plans involving your assets and liabilities if you die or can’t work. We see lives torn apart on a regular basis as there has been absolutely no planning for the bad times.
Self insurance or no insurance is a much more costly solution, with no guarantees.
Some clients say that the cost is too high! But how do you define high? Compared to what?
Imagine if your partner can’t look after the children, what will it cost to arrange alternatives. You may need to give up work or even need to employ someone else to be the nanny and the housekeeper.
For retirees: How would you feel about having your children or your grandchildren move back in with you if a serious illness or death occurred?
There are over 22,500 grandparent families bringing up children under 17 in Australia. (source ABS)
I recently spoke to a 70 year old lady who has lost two of her daughters and now has custody of her 3 teenage grandchildren. Can you possibly imagine that in retirement? How would you cope?
You probably don’t need insurance, but everyone around you does.
If the odds of lotto were 9-1 would you be buying tickets regularly? These are the odds of getting breast cancer in Australia. (quote from AIA insurance)
What are you gambling with?
Source: AIA Insurance 2018