Would you ever drive your car without insurance? So why wouldn’t you insure your ability to generate income? The most important asset you’ll ever have, it's vital that you protect your monthly income!

Statistics say that you are six times more likely to have an injury or illness happen to you than to have your car stolen or high-jacked…. And whilst you may never need it, if you do, you could find yourself in a difficult situation.

In this episode, Leza Wells gives us some insight into life insurance, the importance of a good financial advisor and protecting your monthly income.

Show notes:

• [00.37] The Chief Product Actuary at FMI extrapolates on her job description

• [02.08] What life insurance companies do

• [03.43] Lump sum payment vs Monthly payments

• [05.46] Monthly payments to avoid potential pitfalls, including notes on over-insuring yourself

• [07.43] The importance of disability cover

• [09.24] Advocating for the short-term waiting period

• [10.24] When to use monthly payments, and when to use lump sum payments

• [11.32] The reason many people have traditionally opted for the lump sum payment, and the benefits of rather taking the monthly payment option.

• [14.00] The benefit of getting disability cover at a younger age

• [17.33] Ensuring you have enough cover to maintain the standard of living you’ve worked so hard to achieve

• [21.29] Critical illness cover

• [22.23] The most common form of claims

• [22.51] Payouts at different stages of critical illness

• [23.54] The value of getting advice from a financial advisor

• [26.15] Your monthly payment - three different prices for the exact same cover

• [29.58] What next? How to go about finding life insurance
  

Quotes

“What we believe is that actually, maybe your income is your greatest asset to protect.” – Leza Wells

“You are 90% or more chance of potentially having something that takes you out of your work for two weeks or three weeks at a time during your working lifetime career.” – Leza Wells

“Make sure that you are prudent about really understanding that your disability cover will pay, and that if does pay a lump sum, you really need to be able to manage this money.” – Lisa Linfield

“Unfortunately the value of insurance is only seen when it’s often too late.” – Leza Wells

“The job of life insurance is to protect the standard of living you’ve worked so hard to achieve.” – Lisa Linfield

“If you trade back to get cheaper insurance, it might not cover everything.” – Lisa Linfield

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