As we move through life, the amount of insurance protection, or ‘cover’ we should have, changes. A very common question we hear when working with new clients is ‘how much should I have’? And no matter if you are a new client or one we have been working with for years, we look at your life now to make that determination.
Before you determine how much, there are some key variables to consider. We have a philosophy around ‘wealth protection’ that guides how we make those recommendations. The principle behind insurance cover is that you need an amount that will keep you and your family as financially secure as possible should an unexpected or unfortunate event occur. This may be an accident that leaves you injured or disabled, an illness or a death.
How much you should have can be estimated through calculators online, but the reality is, each of us is different, and the right amount is likely going to be better determined by speaking with a professional.
We have worked with many families through the difficult period of claiming on a policy, and that is a terribly tough time for everyone. Seeing a loved one struggling or lost is just painful. Where we take comfort is that our client had the right cover and that money won’t be adding to what is already a stressful time.
What you need to know
This information is provided by Invest Blue Limited (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
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