Life Insurance Really Matters
No one expects sudden death, illness or an accident. But when such unfortunate events occur, they can be devastating for you and your family (and if you are a SME business owner, your business colleagues and employees as well).
If something does happen, could you and your family cope financially? It’s much better knowing your dependants have financial security from a well-considered Life Insurance policy.
You would unquestionably fully insure your assets, such as your house and car. However, when it comes to your assets, there's none bigger than your life’s future earning potential. So why wouldn’t you insure your biggest asset?
When the worst happens
The chart below, from ING Life, shows for say 40-year people that 1 in 8 males and 1 in 14 females won’t survive to age 65. This might be a shocking thought, but its true.
If you have life insurance in your super fund, it is rarely enough on its own to cover many years loss of your income, and expenses in running your household, especially if you have children. In fact, the Rice Walker actuaries study Fast Facts: A nation exposed estimated the life insurance held inside super represents only 20% of the cover actually required.
Life insurance is not just about insuring the breadwinner. The contribution the non-breadwinner makes in allowing a high-income earner to continue working would also be a huge cost if the non-breadwinner were to die. Could you afford a nanny or housekeeper to run your household so that you can earn an income, if you didn’t have life insurance?
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Archimedes Clients are:
- Professionals of any age
- SME Business Owners
- SMSF Trustees