personal debt now getting up around to 300k mark would it be a smart idea to ake out some type of insurance incase something happens preventing me from working.
Mat.I highly recommend you to get an insurance. Few of my friend had a quite bad stories of being underinsured and get health problem. Not just their couldn’t work – this partner had to take leave a job and take full care of him for 2 years. They went bankrupt and al those trouble they had is the last thing you want to experience when you are not well. He fills better know, but they are kicked back with any investment for at least 7 years, as their credit history is affected.
I have an Income Protection Insurance. If I get an injury, or will be unable to work it will to pay me 75% of my current salary until I recover or until pension age. It also include the period I don’t work if I have to take time off to look after sick or aged family member and also I think it includes baby bonus for a year. And I have life insurance double the value of my personal debt as a package.
Costs 22$ a month, but I think it worth it. You never know what can happen. Gives me a great peace of mind that I can carry all financial responsibilities no mater what happens.
You can get the insurance from you bank (but they have a bit higher rates).
I have mine through an insurance broker – he’s quite good.If you are interested contact me offline – I can give you his direct mobile and I don’t mind to introduce you. So he’ll expect your call and will treat you as client’s friend.
Cheers,
Mat
Income protection can only be sold by a licensed financial planner who will need to undertake a Needs Analysis and provide you with a Statement of Advice.
I would strongly suggest that you sit down with a good independant planner and get him to provide you with a range of options available.Richard Taylor
Residential & Commercial Finance Broker
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Mat – I agree income protection insurance should be obtained through an Australian Financial Service Licence holder.
If you know what cover you want I suggest getting a number of quotations.
DIY Investing
Discounted Financial Products
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