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Have you considered.

06 October 2011

The fact that you have a one in three chance of becoming disabled and being unable to work for longer than three months before you reach the age of 65? Compare that to the chance of having your car stolen – one in 21 over a 35 year period. Yet despite these statistics, many of us only choose to insure our cars. It’s crazy, but our ability to earn an income is often the last thing we insure, even though it is the most fundamental asset we have. 

TOP TIPS

Income protection. Most people consider their car and house when they insure… but what if you can’t work for health reasons or an accident and have no income? Without income there is no outcome. If you were self-employed this state of affairs would be a major concern. Your coverage is again dependent on the policy and the level at which you insure. Some policies allow you to claim up to 75 percent of your wage. Contact your nearest Westpac branch for more information or speak to Westpac Women’s Markets for more /contact

Wills and Powers of Attorney. These are simple forms of insurance often forgotten by people. Easy, effective and inexpensive, Wills and Powers of Attorney are your way of ensuring your assets (and debts) are taken care of responsibly and the way you want if you die or if you no longer have the capacity (for whatever reason) to look after your own affairs. A Will comes into effect on your death. A Power of Attorney can be put in place by you to cover any situation now or in the future where you are not able to look after your own affairs (being out of the country, incapacitated, mentally unwell, etc) and there’s a certain person you want to do that for you.

Life insurance. I hear you: ‘isn’t that only important if you have a family?’ What about this scenario: you’re single you die with a mortgage and you’ve left your home to your niece. No prizes for guessing who’s now saddled with the mortgage debt… and, of course, the asset. Then there’s the immediate, non-negotiable funeral costs to cover. Who’s going to pay them and will they be in any state to cope financially and emotionally? Life insurance may (depending on the policy) offer immediate funds to cover costs.

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