CBC Presents: The Worst Can Happen to Anyone
Based on 2008 statistics, 18 Australian families lose a working-age parent every day. Every year, 235,790 working-age parents suffer a serious illness or injury and over 17,000 of them are forced to stop working, either permanently or for an extended period of time. Over one million working-age parents with dependants will be impacted by death, serious accident or illness. (Source: Institute of Actuaries).
Some of these people will have some level of insurance, usually death cover, within their superannuation. Often the level of cover is inadequate. Income protection insurance is also only offered as an option by a minority of super funds and again, these levels are not sufficient for most families to maintain their lifestyle. Most Australian working families do not have adequate levels of cover to protect themselves from financial hardship and secure their way of life.
Lifestyle is determined by income, where people live, whether a dwelling is owned or rented, where children go to school, where and how often people eat out and if holidays are taken. Beyond the basic need for food, clothing and shelter, lifestyle defines who you are and the opportunities created for family members. It is usually the first casualty when the worst happens, and it can often lead to devastating consequences for affected families.
For more information on Risks generally please click here
How do I understand and manage my risks?
There are two keys things that you should do to manage the risks we have outlined above:
- Speak to our Wealth Protection Manager, Dimos Fessopoulos about your business, financial, personal or family situation and needs. Dimos will work with you to determine if you are properly protected
- Regularly review your insurance needs in light of any changes in your business, financial, personal or family situation
Do you need further assistance?
If you have any queries or require further advice to address your particular situation, please contact our Wealth Protection Manager, Dimos Fessopoulos B.App.Sc.(Physio.), DFS (FP), Grad.Cert.FP.(FINSIA) on Freecall 1800 622 892 or dimos@cbc.com.au
