Most people have no problem insuring something tangible like a house or car. But they baulk at paying premiums to protect their ability to earn a healthy income.
Some then compound the problem by getting their accountant to play clever games to reduce tax liability. Self-employed people, in particular, can take great pride in maxing out every deduction and write-off to save a bit of income tax.
Sadly, when they want to protect their earning ability they find they can only cover a modest income, because they took every write-off going. That’s a bummer. But the real kicker comes when they go to claim on ACC, and find they will receive 80% of not very much.
Losing the ability to earn for three to six months, due to illness or injury, is statistically much more likely than the sudden death of a breadwinner. So it’s something you should think about.
If your budget is tight, there are affordable options such as Accidental Injury Cover that can provide peace of mind. Bills quickly pile up if you’re not working so it’s important to get the right cover in place.
Everyone’s needs are different, so we’ll happily look at your budget and risk profile, and suggest some types of cover you may not be aware of. You may not love the idea of insurance but you’ll love the security it provides.
We’re always happy to review your insurance policies at no charge. Make an appointment.