Give yourself a quick insurance analysis. How well are you prepared?
The following are issues that a family may have to face if a member were to die or be totally and permanently disabled, suffer a major trauma, such as cancer, heart attack, or be unable to work due to sickness or accident. How would your family manage:
- the families existing debts?
- funeral and legal expenses?
- home care expenses?
- children's future education costs?
- future income needs?
How long would your:
- existing sick leave entitlements last at full pay?
- cash reserves last?
Remember to deduct from your total needs any benefits from current insurance or superannuation policies. Would the whole of your life endowment policies meet your current needs?
Are you aware that:
- you could receive a lump sum to provide for specified illness or trauma?
- premiums for death and total permanent disabilty insurance may be tax deductable?
- income can be insured up to a maximum of 75% against sickness and accident?
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