Kristina Madden, Financial Adviser at RSM Australia explores the various options available from insurance providers to ensure you stay covered when cash flow is tight and paying your premiums becomes challenging. 
 

When you’re young, it’s easy to dismiss insurance as something to worry about later in life.

However, this is one reason why people in their older years are unable to obtain the level or type of cover they need when difficult situations arise.

By locking in insurance when you are young and healthy, the insurer will underwrite your policy based on your current state of health. You essentially “get in the club” early, then all you need to do is maintain your policy to eliminate the risk that a pre-existing health condition could void your claim at some time in the future. You can also get great deals on insurance premiums when you sign up at a younger age, thereby reducing the overall cost of premiums over the lifetime of your policy.

At RSM, our skilled advisers can work with you to identify optimal levels of personal or business cover based on your circumstances, taking into consideration:

• Loans and other debts
• Education costs of children
• Income required to retain existing lifestyle
• Personal and family goals
• Business activities and objectives

We go beyond “default” cover to consider important factors such as your superannuation and overall wealth accumulation strategies – as well as the structure of your insurance to minimise cost and maximise tax effectiveness.

Most importantly, we can walk you through the maze of insurance providers to find one with statistically strong claims history, helping ensure your policy is structured in the strongest way to enable a successful claim. 

This article has been prepared by RSM Financial Services Australia Pty Ltd ABN 22 009 176 354, AFS Licence No. 238282.

As everyone's circumstances are different and this article doesn't take into account your personal situation, it is important that you consider the above in light of your financial situation, needs and objectives, and seek financial advice before implementing a strategy.  

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