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  • Financial protection for families
  • Financial protection for wage & salary earners

Are you under-insured?

Are you under-insured?

Susan and daughter

Most of us don’t realise we’re under-insured until life throws us a curve ball and we need some cash, at which stage it is too late to change what we have.

This was the case for Susan (not her real name) who was only in her mid-30s with three young children when her husband unexpectedly died.

She received a small life insurance payment but faced an uncertain future when she realised their policies hadn’t been updated in a decade and they had been woefully under-insured. 

When we first met Susan as a working solo mum, we recommended she take out income protection insurance now she was the family’s sole breadwinner. Susan was reluctant to do so because of the cost of the premiums, but she had experienced the burden of not have sufficient insurance in times of difficulty so agreed to the protection.

It is when we perceive that we can least afford insurance that we need it most.

One year later, Susan was diagnosed withChronic Fatigue Syndrome which resulted in her no longer being able to work full-time. Again, the family was hit with potential financial disaster.

However, the policy she had taken out covered her for this latest unexpected set-back by providing her with regular payments so she could meet all her expenses.

She says, “I have always been apprehensive about insurance and particularly with my illness I had thought it would be a struggle. In fact, it’s been the exact opposite and I’ve felt supported the whole way through.”

Now, without financial worries on top of her health problems, Susan is well on the way to recovery.

She regularly reviews all her insurances to make sure they’re right for her circumstances, because as Susan well understands – you never know what’s around the corner and you need to be prepared. Checking to make sure you are not under-insured is just as vital as taking out the insurance protection in the first place. Just ask Susan!

 

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