With the end of the financial year fast approaching, now is as good a time as any to evaluate your current insurance policies; ask yourself – do I have enough insurance?
Generally speaking, you should insure anything you cannot afford to lose – from your life, to your income, to your materials.
What insurances should you have?
1. Car Insurance
Car insurance is a must have for anyone who owns a car. There are different types of car insurance from third party insurance (which covers the damage to anything you or your car causes damage to) to fully comprehensive insurance (which also covers repairs/ replacement to your car).
2. Private Health Insurance
All Australians are covered by Medicare – this covers you for your general doctor’s bills through to life threatening circumstances. You should then have private health insurance to enable you to have your choice of doctor and/ or hospital plus being treated for elective surgery now rather than sitting on a long waiting list in the public health system.
3. Life Insurance
Life insurance is essential if you have debts (the largest of these being your home loan) that your family could not continue to pay if you died. Are your family really ‘your loved ones’ if you take the risk of leaving them with such a large debt?
4. Income Protection Insurance
Income protection insurance covers you if you become too sick or injured to continue earning an income. Generally covering you for up to 75% of your gross income, it gives you piece of mind that you can continue to meet your commitments even through you are not able to earn your regular income.
5. Home & Contents Insurance
Home & contents insurance covers you for your house and the items you have inside it – for if they are damaged or stolen.
There are hundreds of insurance policies available on the market, so it is important to shop around to make sure you pick the one that is right for you, your needs and your budget.
Contact us today at Mortgage Choice Whitehorse on (03) 9877 6471, so we can help you find the insurance policy that is most suitable for you.