Do you need insurance?

Sometimes unexpected events can cause financial havoc, for instance, getting injured and no longer being able to earn an income.

While having insurance won’t stop these things from happening, it transfers the financial risk of not being able to earn an income due to illness, injury or death from you to the insurance companies.

Your ability to earn an income is an asset worth insuring

Most Australians don’t think twice about insuring assets like their home and car, but it’s equally important to see your ability to earn an income as an asset. Rather than reimburse you for specified costs incurred, as with home and car insurance, death and disability insurance pays a lump sum, while income protection insurance replaces your income. You can use this money as needed, for instance, to pay debts, provide an income or cover medical costs.

The importance of personal insurance is highlighted when you consider that the average wage earner makes around $3 million over their working life1. That’s worth protecting!

Benefits of having insurance 

  • Peace of mind.
  • Manage the unexpected and remain financially stable. 
  • Not have to use your savings, borrow money or sell assets. 
  • Protect your family financially if you were to die.
  • Feel confident you and your family will be financially looked after in times of need. 
  • Continue paying your bills and mortgage or rent if you injure yourself and can’t work for a long time.

Find out more

What insurance do we offer?

About you Type of insurance to consider
You have people who depend on you financially, such as children Total and permanent disability
Death and terminal illness
You’re a stay at home parent Total and permanent disability
Death and terminal illness
You’d like to leave some money for your loved ones if you die. For example, some cash to cover your funeral expenses Death and terminal illness
You rely on your income to pay for your bills, food and housing Income protection
Total and permanent disability
1 Source: Australian Bureau of Statistics. Based on full time adult average weekly ordinary times earnings as at November 2013, multiplied by 40 years of continuous employment.
2 OnePath Life, ‘She’ll be right’ Australia’s attitude towards insurance, 2011
3 Barefoot Investor, Protect Your Most Important Assets http://barefootinvestor.com/insurance-protect-income/
4 Investment and Financial Services Association: Australian mothers – Undervalued and Underinsured, October 2005
5 Australian Government, Department of Infrastructure and Transport Statistical Report 2012.

Our members say

After a 30 year career in mining, Peter Ryan was able to claim on his insurance with Mine Wealth + Wellbeing Super after being told he could no longer work because of ongoing medical problems. Peter Ryan - Formerly with BMA Goonyella Riverside