Humans feel losses more keenly than gains. It’s better not to lose 10 dollars than it is to gain the same amount.
We share the common concern that something might happen to upset our standard of living if we suddenly can’t generate the income we’re used to. The good news is there’s plenty we can do to be in good financial shape to cope with life’s twists and turns.
How much insurance is right for me?
The whole idea of insurance is based around the need to be prepared for what’s around the corner. If something happens like a sudden illness, it’s good to know you’ve made provision for treatment and any interruption to your earnings. AMP’s insurance needs calculator helps you work out what’s right for you and your family.
You may also have cover through your superannuation. Find out more about the 3 types of insurance available within super, and some of the pros and cons.
Talk to your loved ones
Family is a major reason people increase their protection. Before you commit, you may want to talk with those close to you about their needs. It might throw up ideas you hadn’t considered.
A rainy day fund
One thing to consider is a savings account or something equally accessible with enough money to cover you for six months or a year if you can’t work. Think about what you’d need to cover everyday essentials and outgoing expenses you can’t easily vary, such as electricity bills, childcare or rent. Remember your health and wellbeing are paramount, so you might still budget to keep your gym or art gallery membership, for example.
Please speak to us
We help you work out the right way forward for you, and help you set and stick to your goals. Please call us on Phone 08 9206 1103