Should You Have Life Insurance

Should You Have Life Insurance?
Today’s blog is about some benefits of having life, income protection or mortgage protection insurance. As we come to the first day of December, I have been reflecting on the last 11 months of this year.
I have lost a couple of friends this year; both were young and have children. It was very sad from a personal point of view, and absolutely devastating for the families involved.  Both families had life insurance, so during the hardest times of their lives, at least they didn’t have to worry about the financial pressures that may have been.
As a mortgage broker I see many people from all walks and stages of life. I know, especially when you're young you may feel bullet proof, and death or permanent injury is something you may not consider could happen to you. But I have seen, not just during my mortgage broking career, but during my life, things happen randomly, and most unexpectedly.
From my personal point of view, I think having life insurance, income protection insurance or mortgage protection insurance is something that is a necessity. I personally have insurances to cover me if something should happen. Its funny how most people insure their houses, cars, contents, but don’t consider that life, mortgage or income protection insurance is necessary.
Some insurances may be tax deductible, like some income protection insurance policies. I know my income protection insurance is tax deductible, and it pays a wage for me, indexed every year with CPI, for the rest of my life, should I be permanently injured or incapacitated. I hope I never have to use it, but it is comforting for me to know its their should anything happen.
The thing is these days, with high mortgage and personal debt levels, if something happened to the income earner in your family, either mum or dad, especially if you have young children, the question to ask, if you don’t have these insurances, how long could you keep your home for? How long could you financially keep up to date?
This is why I believe that these types of insurances are worth considering, something that you shouldn’t delay, and discuss with your family. Wouldn’t it be comforting to know that if something was to happen, your family at least wouldn’t have the burden of worrying about finances?
While I can offer mortgage protection insurance, I am not qualified to offer you other forms of insurance. Today’s blog isn’t about selling you insurance, I just think its something worth considering, and talking about.
You should speak to your financial planner or insurance broker if you are interested. This way you can make an informed decision on what may the best path for your personal situation. If you are in Western Australia, and don’t know or have a financial planner, I could recommend one, just let me know.
If you have any questions or comments, please leave them below, or contact me anytime.