What you need to know
Most people insure their home, car and possessions without a second thought. Yet, the engine that funds those assets, your capacity to work, is frequently left completely exposed. Illness or injury stops your regular cash flow - day-to-day household demands do not stop. Supermarket bills, utility costs, mortgage commitments, and school tuition fees can rapidly deplete a family's lifetime savings. For self-employed individuals and business owners, the exposure is magnified as commercial overheads, rent, and staff obligations continue to pile up.
While insurance cannot remove the emotional impact of a severe health crisis, it eliminates the financial stress that makes a difficult situation worse.
The good news is that we can use risk insurance to structure a total financial protection package for you to protect against loss of income, disablement, serious illness and death.
While car and home insurance are relatively straightforward, personal risk cover can be complex, with many different options and levels of cover to choose from. We can help you decide which cover is right for you and what issues you need to consider. For example, which family members would you insure? When does it make sense to insure a non-working spouse? How should the benefits of any payment be distributed? What benefits are available within your superannuation scheme? What are the tax implications of taking out insurance?
Your biggest asset?
Have you ever contemplated what your biggest asset is? Is it my home? Most people would think it is, but most people would be wrong. Is it my superannuation? Well if you are a retired person, perhaps it is. For the overwhelming majority of people of working age, it’s your future earning capacity.
Consider this, according to the Australian Bureau of Statistics, in 2025 the median annual full-time wage was $90,532. If you assume that your income increases by 3% per year between the ages of 40 and 65, that is worth over $3,300,000!
Now almost everybody in Australia insures their home, even most would not think twice about insuring their $20,000 car, but the Rice Warner Underinsurance Australia Report of 2020 suggests the median level of income protection cover in Australia only meets 41% of basic needs for those with some form of income protection cover.
At FinNest Financial, we can help you get the right cover for peace of mind should your income cease through illness or injury, and help you protect your biggest asset.
Do you have enough cover?
It’s all very well to have ‘some’ insurance, but many people are under-insured or don’t really know what type or how much insurance they have. Alarmingly, according to the 2020 Rice Warner Underinsurance Australia Report, the median level of life insurance cover only meets 60% of basic needs and the median level of total and permanent disability cover meets 13% of basic needs. Invariably those in this position find themselves in dire financial circumstances when they make a claim. It’s important to accurately assess how much insurance you need. This is an area where FinNest Financial can help you. We’ll help identify your greatest areas of risk and work out how much cover is appropriate for your needs.
Sound advice is the key to success
Your wealth strategy is only as strong as its defense. Our team takes the time to map your debt levels, cash-flow needs, and family dependencies to implement an efficient, cost-effective structure.
An experienced financial adviser can help you identify the areas of greatest risk to your situation. FinNest Financial offers knowledge, expertise and experience in this area. We’ll take the time to understand your individual circumstances and then recommend appropriate insurance strategies to help protect your family and assets.
Click here to see some success stories from our happy clients who we’ve helped plan, grow and protect their wealth.
To find out how we can help you protect your financial future, call 07 3831 7629 or email us.