News » Personal risk management plan – do you have one?

Risk Management Plans don’t only apply to businesses – every person and family should also have a plan to help them cope in the event of an unexpected crisis.

No doubt you have insured your car as the risks of damage are obvious to you on a daily basis. You will almost certainly have insured your home and contents against fire, burglary or storms. But what about your greatest asset: your income?

Statistics show that at a working adult earning an average income is worth more than $3.4 million[1] over a 40-year full-time career, assuming no increase in earnings. How would you cope if your family’s primary income earner met with serious illness or accident?

Unfortunately statistics also show that the risks are greater than generally recognised. Look at these:

Your Risk Management Plan

Professional guidance is crucial in establishing your risk management plan. You need to consider the extent of your financial commitments and review what assistance may already be in place. This may include insurance cover within your superannuation, employer protection, existing insurance policies or other sources.

Fortunately a range of insurance policies are available to cover the risks you confront. These include:

Our advisers at Aspire2 Wealth can help you identify what cover you may already have and what you need to ensure you have a personalised Risk Management Plan… just in case.

[1] Calculated as Full-time Adult Average Weekly Total earnings $1,650 x 52 weeks x 40 years.


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