Where to Start

We readily accept the need to insure motor vehicles, properties and household contents, yet many Australians overlook the importance of insuring their income in the event of illness or accident, or to provide funds in the event of their untimely death

Below is a chart that outlines the various risks that we should consider to insure against and the type of policy that protects that risk.

Common risks and how to insure against them

Common risks

Insurance product

What can reduce your insurance premiums

Damage or loss to a home building and fixtures

Home building insurance

Adequate maintenance, smoke detectors, sound electrical wiring

Loss of home contents

Home contents insurance

Window and door locks, burglar alarms, smoke detectors

Damage to someone else's vehicle or property

Third party property insurance

An accident free driving record

Loss or damage to your motor vehicle

Comprehensive insurance

Security devices, alarms

Select a higher excess

Death and total and permanent disability

Life insurance and total and permanent disability insurance

Check if your super fund offers suitable insurance.

Seek advice from an insurance specialist who has access to products from many insurance companies.

Sickness and temporary disability

Income protection insurance (the premiums are tax deductible); private hospital medical insurance; trauma insurance

Check if your super fund offers suitable insurance – but be careful of disability definitions.

Select a longer waiting period when considering income protection.

Seek advice from an insurance specialist who has access to products from many insurance companies.

Unemployment

Generally you can’t insure against unemployment. Cover that is available is very short term with lots of restrictions

Not applicable

 

 

 

This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. We strongly suggest that no person should act specifically on the basis of the information contained herein, but should obtain appropriate professional advice based upon their own personal circumstances including personal financial advice from a licensed financial adviser and legal advice. RI Advice Group Pty Limited ABN 23 001 774 125  AFSL 238 429.

 

Media