Your biggest asset is your ability to earn an income. If you lose that, then everything else changes.

Are you covered to temporarily or permanently protect your loved ones if you were suddenly not around or became incapacitated?

How long could you and your family survive without your employment income?

Self-employed people in particular need to insure themselves well because among other things they generally don’t have access to WorkCover.

On the flip side, people who work for a wage have access to WorkCover, but what if the illness or injury is not work related? Sick leave only covers short-term issues.

There are so many horror stories of families who weren’t prepared for the unexpected and paid a heavy financial price.

The key to good insurance is setting an amount of cover that doesn’t burden cash flow, but that would ensure you and your family’s financial security in the event you weren’t able to work.

You might already have life and income protection built into your superannuation fund and don’t know it. Using your super fund is a good way to get protected without the cash flow burden.

Family and asset protection is a complex area that requires attention and planning as part of your overall financial strategy. Don’t leave it too late.