Personal Insurances
Not everyone will have a great need for life and disability insurance as they get older and no longer have young dependants.
For those who do have the need it can often be arranged very cost effectively via your superannuation fund.
For young families, particular where a mortgage exists, life insurance paying a lump sum on death is an essential and low cost means of family protection.
If the premium is paid from your super balance, then the family cash flow is not affected.
Income protection insurance is another area, where securing the income of the main breadwinner is critically important, to cover the ongoing family expenses, which may not be able to be paid if one is off work due to illness or accident.
Premiums for this insurance are fully tax deductible, thereby reducing the net cost to the family budget.
