Bet on a Long Life - Is Insurance really necessary??

PHONE GARTH:1300 ASK CPC AWARDS: 2010 & 2012 Runner-Up Best NSW Conveyancerfrom NSW Conveyancing industries Awards. eNews Library  Contact Us by Email What you gain from Brown & Brown Conveyancers? Join the conversation on our Blog Spot TESTIMONIALS: Dear Garth, I wanted to write a brief email to thank you and the Brown and Brown team for your outstanding service through a difficult house sale. As you know we live outside Australia so it has been very challenging dealing with the real estate agent, the tenant and the purchaser from my base in London. From start to finish you managed the negotiations thoroughly and professionally and were very proactive in keeping my wife and I informed at every step. You even managed to negotiate better terms than I was expecting. I would recommend Brown and Brown Conveyancers to any prospective clients.  Clive Robert - Director IBM, London England UK . . . . . . . . . . . . Hi Garth,  You are a champion!  Many thanks - I know it wasn't easy! I'll be in touch on Monday. Thanks again, Bruce Dr Bruce Schaefer GEMOC, Earth and Planetary Sciences Macquarie University . . . . . . . . . . . . .

Brown & Brown e-Newsletter by Garth Brown Send this newsletter to your friends Return to newsletters BET ON A LONG LIFE  Is insurance really necessary? The uncertainty in life is what makes insurance so important. Although we can never predict what will happen to us, with the right insurance policies we can  recover from our financial losses and especially if the unexpected happens such as death then the insurance company will share the risk with us to provide the financial security essential to keep the status quo for your family. Australians pay an estimated staggering $85+ billion a year to buy insurance, making it one of our most expensive household budget items. But is insurance really necessary? Before  things really  go wrong in our lives, especially in the areas of health, age and roof over our head, we  really  need  the foresight to buy an insurance policy/s that fits our lifestyle and ensure we keep it up-todate … many Insurance policy holders have faced disappointment when they make a claim only to find their policy has lapsed! You don’t want that to happen to you or your family. Most insurance is a reverse-fortune bet where the policy holder is expecting the worse and the insurance company is expecting the best.  For the privilege of betting against ourselves, we fork out billions of dollars a year. So what do you get for the money?  Here are some of the options: 1. LIFE INSURANCE Life insurance for example, is often described as making a "bet against yourself." You bet on a short/er life (i.e. you may die early); while the insurance company bets on a long life (i.e. you will live a long and happy life.)  Sounds a bit back to front doesn’t it? But can you afford NOT to have Life insurance? Check out the estimated financial requirements for an average-middle income family: Your Life Insurance needs to be enough to pay for: - All outstanding debts such as credit cards, mortgages, etc., - The total cost of raising and educating your children* - Investments to provide a regular income for your family. - Future lump sums needed for major purchases - such as a car, and other contingencies (some you can predict, some you can’t). * The cost of raising children in Australia has skyrocketed in the past five years, with middle-income families spending up to $458 a week to raise a child. " The estimated cost of (raising) two children to the age of 21 is about $800,000,” according to a NATSEM researcher. 2. TERM LIFE This pays out a lump sum when you die.  Most superannuation funds offer life insurance, known as death cover, with premiums paid out from your super contributions. 3. INCOME PROTECTION Also known as salary continuance, it replaces the income you lose when you cant work because of illness.  The main issues are how long you can wait until they start paying and what percentage of your salary you want to receive each month. There are many different policies, each with its own definitions of disability and range of cover, including different waiting periods before they start to pay out. 4. TOTAL AND PERMANENT DISABILITY This pays a lump sum if you are totally and permanently disabled.  Check if it covers 'any occupation' or your job.   – Estimated almost 33 per cent of people over 45 who retire early do so due to ill health or injury (ABS).* 5. HEALTH INSURANCE The taxpayer-funded Medicare levy helps pay for most medical treatment, but private health insurance lets you choose the hospital you attend. • An estimated 13 million Australians have some form of private health cover (PHA) * • People aged 20-30 have a one-in-six chance of being in hospital each year (estimated) - (PHA)* 6. FUNERAL INSURANCE This is becoming increasingly popular today with the rising costs of funerals,  Some people choose to include in their Life Insurance while others opt for a separate Funeral Cover. REFERENCES:  • Australian Bureau of Statistics * Private Heathcare Australia GARTH BROWN COMMENTS Betting on a long life means being responsible by having good personal insurances to cover every possible event in your life and to ensure your family are well cared for in the event of sickness, disability or death. In this eNewsletter we have only covered personal Insurances, of course there are many other types of Insurance policies that you need such as Motor Vehicle; Business Policies; Home & Contents Insurance; Fire & Flood Policies; and when you travel it’s important to remember Travel Insurance. We recommend you engage the services of a reputable Financial Planner to give you the right advice and guidance on all aspects of financial planningincluding the right insurances for you and your family. Brown and Brown ConveyancingWith over 16 years experience in Conveyancing and Real Estate matters we are well placed to handle the conveyance for either Vendor or Buyer. Our up-to-date website is full of practical advice and information on selling and buying including an archive of our eNewsletters for easy reference. And for the convenience of our Clients we have established easy methods to contact us through our new Mobile website and Information Hotline, here are the details: Mobile WebsiteTo facilitate our Clients busy on-the-go lifestyle we have recently launched our purpose designed mobile website for use on all mobile devices, please go to: http://www.conveyancersmobile.net Information HotlineWe have established a new information hotline for your convenience, just call: 1300 ASK CPC Please do not hesitate to contact me for your first obligation free consultation. Thank you for your referrals! Garth Brown • send this newsletter to your friends • We appreciate your referrals. Next eNEWS: 'Saving money for a deposit on a new home or paying off a mortgage?' - April 2014 In the meantime keep in touch with Garth Brown on   Youtube   Facebook   Linkedin   Twitter Garth Brown Endorsement.  . . . . . . . . . . . . . Thank you again for your valued custom. 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