Do you need it
If you are fit and healthy, do not work, are under 30 years of age, own your home freehold and have $1,000,000 worth of assets providing you investment income of $50,000 pa or greater. Have no dependents or debt and have no history of family illness and you are also happy with the level of your current lifestyle.
Then you probably don’t need any insurance at all.
If you do however have:
- Debt (mortgage or personal debt)
- Dependants (children)
- No investment income
- No assets to fall back on ( This does not include your home which you need to live in)
- Are over 30 years of age
- Have some history of illness in your family (Cancer, heart disease)
Then you probably do need some insurance.
How much and what types of insurance you will need is dependant upon factors such as your:
- Income (How much and whether you are you s/employed or an employee)
- Age and health status
- Degree of love for your family (or lack thereof)
- Personal concerns and fears
- Family history
- Budget
Quality of lifestyle you would like to live in the future (should an unexpected event occur) - Options you would like to have should something happen to you or someone in yourfamily ($$ provide options)