Risk planning is all about ensuring your family’s financial security.
- If you were to die, would your family be able to survive financially?
- Would your income be protected if you got sick or hurt yourself and were unable to work for a long time?
- How would you keep up with living expenses if you had a critical illness and had to quit work?
They’re confronting questions but ones that need to be asked when working out your Risk Plan. If you answered no to any of these questions then there’s a risk which needs to be fixed.
There are two ways you can do this: to save or insure. Most people don’t have sufficient savings to support and meet their financial obligations for an extended period. If you do, that’s excellent! For the rest of us, insurance is the answer – particularly personal insurance. Personal insurance protects you and your family’s assets and income to ensure they continue to enjoy the freedom of making the lifestyle choices that best suits them.
A huge range of personal insurance products are available – but which ones do you need? To help you select the right products, we recommend you seek advice from an authorised licensed insurance advisor who should take into consideration your personal situation and circumstances.
For more detail on the five main types of personal insurances you should consider, view or download our Risk Plan paper. FWO Chartered Accountants can guide you through the insurance selection process, point out which options would be beneficial from a taxation point of view and even coordinate the whole process – All you have to do is ask.