With the New Year still fresh in our minds, January is a really great time to undertake a review of many aspects of your life. And this is not simply about reviewing your eating or drinking habits (but this is a great goal if you want to focus on it). Conducting annual reviews of many aspects of your life is a good habit to form and January is a really good time to do this. We are often on holidays and more relaxed after Christmas. Setting a particular time to review things means that you know when you last did it and can make this your annual event.
Whilst reviewing your personal finances, you should take a close look at your personal insurances. This is best done in conjunction with your financial planner.
In Australia, research has shown that most people fail to have adequate levels of insurance on both themselves and their family. In fact, research showed that parents with dependents were the most critically underinsured, to the tune of a whopping $1.37 trillion. (Statistics courtesy of IFSA)
Here is another scary statistic. In Australia, more than 3 in 4 Australians will be diagnosed with a serious illness in their working life (statistic courtesy of the ABS).
Now you need to know not only what personal insurances you have, but if they still meet your current needs and situation. As part of the FinanceCorp family, our FinanceCorp Finance Services division is able to offer you personal financial planning. If you would like to book an obligation-free appointment, please feel free to contact us on 08 9417 5550