Insurance – Paying More Than You Need To?

The following article has been prepared by the Advisers at NewLeaf Tailored Financial Solutions.  Harris Black has had a long-term relationship with NewLeaf, and they assist many of our clients with their financial planning needs.  They are based within our office, and we work closely with them and many of our clients.

For the past 18 months, premiums for personal insurances have been rising.  Unfortunately, we will all be hit with these increases in some way.  This also extends to insurance cover held via industry super funds.

None of us like this, but what makes it worse is not reviewing your policies and later finding out that you have been paying too much for inferior insurance cover or that there are cheaper alternatives available.

Now is the right time to speak with your financial advisers to review all your personal insurance policies. They will assess your individual needs, review your current polices, undertake market wide research and determine whether you will save money by changing insurer or modifying your polices.

As we grow older, get married, build families and start businesses, we come to realise that life and disability insurance is a fundamental part of having a sound financial plan.  We also know how important it is to have personal insurances in place particularly considering that in 2019 alone the Australian Prudential Regulation Authority reported that the life insurance industry paid out approximately $13 billion in claims which equates to $33 million paid to Australians every day.

Depending on your unique situation, life and disability insurance can be tailored via several funding options.  Your financial advisers will guide you on the best way to structure your polices with due consideration to your needs, cashflow and tax effectiveness.

We can all relate to being busy and time poor. However, with the challenges being faced by many Australians due to COVID19, now is the right time to seek advice and protect what matters most: your family, physical and mental health and your long-term financial well-being.

At Harris Black, we care about our clients financial and personal well-being and encourage you to review your personal insurance needs and polices.  Please seek help from your financial advisers.  NewLeaf are available to discuss your situation at any time.

The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.

At Harris Black, we’re driven by a simple focus: we help; you achieve.

Click here to find out more about Harris Black’s approach and how they can help you achieve your financial goals.

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