When Do You Actually Need to Start Thinking About Protecting Your Wealth

Protecting your wealth through personal financial solutions can provide you with peace of mind in the case if something unforeseen should occur to you, or your family, or even your business partner, they are covered for whatever throws your way!

For most of our lives, we aim to grow our wealth, save our money and achieve financial security. But a significant part of reaching financial security is putting in place ways to protect your money and wealth as well. This can be done in many ways – one primary solution is to acquire effective life insurance cover.

Leaving the topic of life insurance until a detrimental event occurs, can have a severe impact on the people who matter most to you. 

Certain milestones change your life completely, so it’s important to look at what can protect you and your loved ones before it’s too late.

Here are 4 potential life stages where everyone should consider getting life insurance cover and updating your personal insurance policies:

1. Becoming a Homeowner:

If you are buying a house or have bought a house, there are significant financial costs to consider such as the cost of maintaining the house and obviously, the home loan. 

If something were to happen to you, without an insurance cover, your spouse or dependents would become in charge of paying off the mortgage. As a long-term responsibility, it can greatly impact your loved ones if they aren’t financially prepared to take over making the payments. This can negatively impact their own financial situation by leaving them with unexpected debt and, create unnecessary financial stress.

Appropriate life insurance cover can provide financial support for your loved ones to cover debts and your leftover mortgage. This explains why it is wise to consider wealth protection solutions when becoming a homeowner.

2. Becoming a Parent:

When you become a parent for the first time, a lot changes in life. 

This is coming from a very tired dad who has just welcomed a healthy baby boy into the world! Every parent wants the best for their child. It’s only natural to want the best financial future and to protect your children as much as you can. 

While this can be done through many financial strategies (budgeting, saving for emergencies or unexpected costs, and estate planning), a great way to protect your children is through reviewing your personal insurance policies and wealth protection plan. 

Do you have protection in place for your child if you were no longer here, or even if you were unable to return to work and were left without an income for a long period of time?

Life insurance cover is your built-in protective measure that will ensure all of the necessities are covered for your children, even when you’re gone. This coverage would include not just everyday expenses but also help repay any outstanding debts (such as mortgage or credit cards), child care and school fees. Deciding on the right amount of cover for you and your family can be complex – an experienced life insurance financial planner can support. 

3. Getting Married:

With marriage comes shared responsibility, and that includes financial obligations since you will likely have shared assets and even possibly children. 

You will understandably want to ensure your partner has the financial stability to keep the family home if something unexpected happens to you. This is especially important if you have a mortgage together.  

Updating your insurance cover is crucial to ensure you are protecting your spouse’s – and your childrens’ – financial future. 

4. Getting Divorced:

On the other hand, if you were to separate from your partner, there can be a sudden drop in income but still the same amount of outgoing expenses. 

In the event of a divorce involving a family, you can be sure to protect your family through a wealth protection plan. Any dependents you have will still be protected from sudden financial burden should something happen to you.

5. Sickness or Injury:

If in the unexpected event you became seriously ill or suffered from a permanent injury, making it impossible for you to return to work, you may probably want to ensure you and your family are financially protected. 

In this instance, Total and permanent disability (TPD) insurance cover can provide a financial safety net to help support you and your family. TPD insurance can provide you with a lump sum payment to help cover any medical and rehabilitation expenses, plus your everyday living expenses. 

It’s important to seek financial advice before purchasing TPD insurance cover, so you can be assured that you and your family will be financially protected from the unexpected.  

Life is full of uncertainty. The death, injury or illness of a family member can put a lot of financial and emotional strain on a family. 

Protecting your wealth is something a lot of people don’t think about until it’s too late. 

Are you looking for a trustworthy life insurance advisor

Protect what matters most, with personally tailored insurance solutions from Poole Advisory.

Poole Advisory’s team of experts are ready to give you the right strategy and protection for your circumstances. Check out our range of financial services to get your unique situation sorted today.

Get in touch with our friendly team today!


Compliance Disclaimer:

This information contains general advice only, that is, advice which does not take into account your needs, objectives, or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial or credit advice that addresses your specific needs and situation before making investment or borrowing decisions. Taxation information is based on our interpretation of the relevant laws as at 1 July 2018. While every care has been taken in the preparation of this information, Prosperitas Partners Pty Ltd does not guarantee the accuracy or completeness of the information. The case studies are hypothetical, for illustration purposes only and are not based on actual returns

Poole Advisory Pty Ltd ABN 15 642 040 604 is a Corporate Authorised Representative (No. 001282603) of Prosperitas Partners Pty Ltd ABN 30 662 654 453 AFSL 544 917

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