Risk (Life) Insurance

Close up of an Australian bank note

Life has a funny way of sneaking up on us and throwing the unexpected in our direction. Yes, life is unpredictable and because of this, we need to prepare for all eventualities.

The idea behind risk insurance (or risk management) is very simple: if something terrible happens to you, either in the form of critical illness or sudden death, the insurance premiums that you have been paying will look after you and your family.

When you think about it like that, it is a really good thing to have.

Insurance, in some form, means that you can still keep paying the mortgage, you can still pay the school fees, and you can still put food on the table, no matter what.

Peace of mind is priceless, especially if you have dependents.

So, where to start?

Our Axis Investment Centre advisors are on hand to talk about what type of insurance policy best suits you and your situation. We are fully aware that everyone is different and that there is no “one policy fits all” approach. Instead, we take your individual needs into consideration so that we can offer you a range of protection solutions.

Talking about insurance is never an easy thing, so much so, that Australia is one of the most underinsured countries in the world. Australians see insurance as an unnecessary expense. Until you need it.

Consider the following:

  • Nearly 70% of men will suffer a critical illness before turning 70 (4 out of 5 chance)
  • Nearly 21% of the population will be diagnosed with cancer before turning 70 (1 in 5 chance)

What type of insurance is best for me?

There are various types of insurance policies but these can be classified broadly into three main categories:

  1. Life
  2. General
  3. Business

When thinking about which insurance policy is best for you, you will need to establish the following:

  • Do you have any dependents and if so, how many?
  • What are your current monthly outgoing expenses?
  • Do you have any debt and how are you currently servicing it?
  • How much money can you afford to pay for your insurance?
  • Do you have any insurance cover in your superannuation?

You may be fit and healthy right now, but don’t be caught out by waiting until the last minute to get an insurance a policy in place. As is the case with all financial planning, sooner is always better.

Our Axis advisors are standing by to help you work through all of these questions and recommend the best possible cover for you. We have access to all insurance providers in the market and we can find the most competitive fees.

In other words, you are in good hands with us.

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