The concept of insurance has an elusive purpose as its benefits do not become apparent until something goes wrong.
The first words uttered after a personal catastrophe is that ‘we should have been insured’.
These words should have been said out loud in the beginning to protect your personal assets and loved ones. Leaving your family without a loving husband, father, wife or mother is bad enough; however, enduring the economic and financial burden, on top of the emotional burden is a catastrophic event for the surviving family members.
Insurance is providing protection for the ones we love to ensure that they enjoy a financial secure future within our absence.
The most easy and tax efficient manner to protect our family is to include life insurance as part of your overall Life Time Financial Plan within your Superannuation Fund.
Don’t wait until after a catastrophic event, insure your family, and their future now, whilst there is still time.
The type of insurance that should be considered at a minimum is Life Cover that is payable on death. There are other inclusion such as Total Permanent Disability Insurance, Trauma Cover, Income Protection that can be included in a Self Managed Super Fund Policy and payable to members, or the dependants of members from the fund.
Protect your family when either setting up a Self Managed Super Fund as basic insurance cover is included in most industry and retail funds.