Recognizing your most valuable asset

There’s a common oversight among many individuals that reach out to us for financial advice: while they diligently insure their material possessions like cars and homes, they often neglect to safeguard their most valuable asset—themselves.

Consider this: your ability to earn an income is arguably your most significant asset over your lifetime. Yet, many are hesitant to protect this crucial aspect of their financial well-being against the uncertainties of life such as injury, illness, or premature death.

Imagine the burden on your loved ones if you were to pass away unexpectedly, leaving them not only emotionally distraught but also grappling with financial obligations such as remaining debts and funeral expenses. Moreover, the prospect of selling off cherished assets like the family home to make ends meet in the event of a loss of income or permanent disability is a scenario no one wants to contemplate.

Who needs it?

At Navigate, we’ve witnessed firsthand the importance of having a comprehensive asset protection plan in place. As important as it is to build and accumulate wealth—it’s just as important to have an asset protection plan in place, ensuring that your health, income, and livelihood are safeguarded against unforeseen circumstances.

One common misconception is that insurance is primarily a concern for older individuals or those with existing health conditions. However, the reality is that obtaining coverage at a younger age not only provides security however the younger your policies are in place, the greater the likelihood terms are more favourable – providing peace of mind knowing that you’re prepared for whatever life throws your way.

How can we help?

Navigating the underwriting process can be daunting, which is why we assist our clients in compiling a comprehensive health and financial profile to present to insurers anonymously. By leveraging our expertise and impartiality, we can identify the most suitable insurance provider tailored to everyone’s unique circumstances.

While many individuals may have default insurance coverage through their industry superannuation fund, it’s important to recognize its limitations. These policies are often not underwritten, meaning that changes in health status may impact the validity of future claims. Regularly reviewing and adjusting your insurance coverage is essential to ensure adequate protection for your assets and safeguarding your family’s future.

When crafting an asset protection plan, we look at structuring cover both inside and outside of superannuation as well as entity ownership. This strategic approach not only minimizes the impact on cash flow, where held within super, but looks at ownership types that will maximize tax efficiency both for ongoing premiums and benefits paid.

Prioritizing personal insurance is not just about mitigating risk—it’s about safeguarding your financial future and providing security for your loved ones. By taking proactive steps to protect your greatest asset, you can navigate life’s uncertainties with confidence and peace of mind.