Insurance companies exist because they mitigate risk for their clients. Of course it seems ridiculous to pay for something when you don’t need it — and that is how insurance is often considered. But the young are immortal — or should be, and think they are — and it is only as you get older that you realise the ideal is to go on and on paying the premium and never to need the insurance! Stay healthy, avoid fires and burglaries, accidents and car crashes, be very, very careful when you travel — and go on grumbling about premiums!
What is it that you really need, but you hope to never use?
Life insurance, of course.
Although life insurance is a foundation of personal finance, and vital for most people, it generates a great deal of confused scepticism. This is partly because it is so complex and partly because we don’t like admitting we are going to die one day.
About 70 per cent of today’s 65-year-olds will eventually need some kind of long-term care
How old are you? If you don’t have insurance to cover long-term care, you’ll have to pay for it yourself, which can exhaust your savings very quickly. It’s true, you may never need it — but increasingly unlikely as we live longer and medicine improves. And regular health insurance does not cover long-term care.
Questions, questions, questions
Is it worth insuring your mobile phone? Well, perhaps only if you have a history of lost, broken and stolen mobile phones, tend to drop them in the soup or are locked into a long-term contract. Do you need comprehensive coverage for your car or just third party? What about health coverage for your dog? And the children going backpacking abroad?
Call InsuranceWorks for the answers
It takes an experienced insurance broker to answer all your questions — and the ones you haven’t thought of asking too. You have to get the right cover in place, whether it’s to get a bank loan approved or for a tax deduction.
There is no one size fits all solution at InsuranceWorks
If you live on the Sunshine Coast, call David or Ben Woolgrove at InsuranceWorks. They know what they are talking about and how complicated insurance is — they’ll never try to make you spend over your budget and they’ll make sure you get value for your money. The Woolgroves want to help you.