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
Insurance can mean the difference between a tragedy and a tragedy with a recovery plan
- While only 10% of people think there's a chance an accident will stop them from working2, there's actually a one in three chance of having to take time off work for three months due to illness or injury before you turn age 653.
- A family losing a stay at home parent may find the cost of home help and child care for young children exceeds $75,000 per year4.
- Approximately 1,300 people die on Australian roads every year, with nearly half aged between 26 to 59 years5.
Get financial advice
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.-