Insurance: Get insurance while you’re still bulletproof

According to research by TAL insurance provider the cost of personal insurance soars after the age of 35. This is also the time in our lives that you may be going through significant change such as marriage, children, a bigger mortgage and more responsibilities.

In 2019 TAL paid over $2.3 billion to more than 34,000 Australians and their families. Of the total volume of claims paid, 64% helped customers continue living their lives while recovering from an injury or illness. When you look at the most recent statistic broken down by age, in the previous 5 years to 2017, TAL paid out insurance claims to the sum of $66m to people aged up to 35, but this figure soared for those aged 35 – 46 to a total payout sum of $152m.

From our experience working with clients and insurance providers, it’s wise to get a personal insurance cover in place before you turn 35. If you are approaching your 35th birthday now is the ideal time to think about this, but it is important to stress that an appropriate insurance plan is wise at any age.

It’s time to get some professional advice – from an adviser with the technical expertise and experience required to make sure you’re properly covered. A financial adviser is also well-placed to assist you with any claims, should you need to make any, which gives you the peace of mind that if you have appropriate insurance, and need to claim, you can do so with your adviser who has experience with the claims process.

Before you dive into a decision about what type of insurance you need and how you will pay the premiums,, it is wise to get professional advice on how it works so you’re confident in the decisions you make about personal insurance protection.

Sources:

http://www.asic.gov.au/regulatory-resources/find-a-document/reports/rep-498-life-insurance-claims-an-industry-review/

https://www.tal.com.au/claims/claims-paid

To discuss your options, contact Singleton Financial Planning today on 1300 713 733 to book an initial meeting.

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser.

The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author.

Singleton Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.