How much is too much insurance .Mine is currently costing me 1112 dollars a month I am single no dependants 56 yo male healthy non smoker earn 90000 gross income and owe 240000 on property loans .4 properties gross 60000 a year. The insurance package is costing the rent of 1 house a year.
It really does come down to the individual and their risk tolerances.
How are you paying for your policy – through your super, personal name or combination of the both? The important balance is ensuring if you did need to call on the policy that you can still meet your liabilities + personal living costs without going backwards, at your age it’s the most important stretch of growing your portfolio before retirement, the last thing you want to do is to have to sell down an asset to make ends meet.
It’s always good to review your current policies, we do this for all of our clients because more often than not their policy can be improved in terms of cost or feature and structure. Happy to have one of our advisers have a look over your existing setup for nil charge if you flick me a message.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
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