At Select Advice Mortgages Prahran, we believe it is very important for our clients to seek professional advice on the best ways to protect their incomes, family and assets once they take out a mortgage.
Our colleagues at Select Advice Financial Planning have been working closely with our clients for many years assisting them gain significant ‘peace of mind’ by protecting their incomes, mortgages, assets and importantly the security of their families. They have also advised many of our clients with professional advice on investment strategies, self-managed superfunds, superannuation options, pre-retirement planning and estate planning.
At Select Advice Mortgages Prahran we believe that our clients deserve the best financial advice possible, which is why we recommend they speak with the professionals at Select Advice Financial Planning.
Importance of Personal Insurances
Personal Insurances – we believe that it is critical that all clients ensure they have adequate personals insurances in place (e.g. Income Protection, Disability, Life & Trauma Insurance) to cover; mortgage repayments & ongoing lifestyle commitments and in the unfortunate event something worse happening, having adequate life insurance to clear all debts.
Ask yourself these 4 important questions if you have a Mortgage:
- How long can you continue to pay your mortgage payments, bills and other financial commitments if you were off work for an extended period (say 6 months or longer) due to illness, accident or injury?
- What would be the financial and personal consequences be to you and your family if you could never work again due to injury, accident or worse still death?
- Are you aware that the biggest asset you have is your ability to earn an income for the rest of your working life?
- Should I seek professional advice and review my income protection and personal insurances needs as I’m not sure if I have enough?
Nearly 50% of mortgagee sales in Australia are the result of financial hardship brought about by long term sickness, injury, illness or death.
Your ability to work is your biggest asset. A working person aged 40 earning $80,000 per year will lose 2 million dollars if they have an accident, injury or illness and can never work again.
In 2012, the major insurance companies in Australia collectively paid out 4.4 billion dollars in claims to 70,989 Australians for income protection, trauma, death and permanent disability insurance.
A February 2014 report commissioned by the Federal Government has found that Australians are grossly underinsured for income protection. KPMM found that 35% of employed Australians failed to have any form of disablement insurance sparking a $304 billion insurance gap that could leave tens of thousands of people in the lurch if they suffered permanent disablement.
Seeking Financial Planning advice from experienced professionals not only gives clients peace of mind but also ongoing guidance, education and support in the areas most important to them. It is for these reasons that we encourage all our clients to seek professional advice which will give security for themselves and their family.
For more information on Select Advice Financial Planning, please click on the link below: www.selectadvicefinancialplanning.com.au