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I’m ok, I don’t need insurance

Wednesday, 7th Nov 2012
Categories: Insurance, Newsletter

Woman

Many people think ‘It’s ok I’ve got Workers comp… I don’t need any more insurance!’ or ‘I pay enough taxes, the government can pay for me if something happens.’ Well do you think if these people really knew how much they would get this will still be their response?

As at September 2012 the payments from Centrelink would be the following;

Centrelink Payment Type If you are Maximum fortnightly payment
Sickness Allowance Single, no children

Partnered

$492.60

$444.70 (each)

Carers Payment Single

Couple

$712.00

$536.70 each

Disability Support Pension Single

Couple

$712.00

$536.70 each

Bereavement Allowance

* You are paid for up to 14 weeks after the death of your partner

  $712.00  a fortnight which includes a pension supplement of $60.60 a fortnight

Compare that with what you could insure yourself for in the domestic market:

Type Maximum Amount Payable
Term Life

Accidental death cover

No Limit

$1 million

TPD $5 million
Trauma $2 million
Income Protection

Accident Only IP

Up to $30,000 monthly benefit

Up to $30,000 monthly benefit

I am sure if asked yourself would you CHOOSE to live on $492.60 per fortnight your answer would be probably be no…

How much do you need to service lifestyle expenses, living expenses, debt expenses, medical expenses and how much would you receive right now if something happened?

If you don’t know or are concerned about the answer then come in and have a chat as to what insurance can provide a better alternative to the above.

Justin McManus is a Corporate Authorised Representative of Marsh Pty Ltd Australian Financial Services Licensee No. 238983. This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness, having regard to your objectives, financial situation and needs

*Source – Comminsure & Centerlink