There – I said it!

Everyone knows they should have the right insurance and income protection in place, but at the same time, no-one wants to ‘fork out’ money for the premiums!

But think about… You’re a family man or woman, earning good money in your trade or as a miner and you’re starting to think more & more about your future and about your retirement.

You’ve got debt… Lots of it! You know you need the cover but you also want to ‘have a life’ and enjoy the time between your kids growing up and ‘flying the coop’ before you really start to pour money away for your future.

But you keep watching your insurance premiums go up & up each year. You’ve got better things to do with your money – but you’re also worried that if you cancel your cover, you have no financial protection….

It’s playing on your mind.

As specialist financial and retirement planners, we are always taking questions about how to maintain insurance cover, free up cash flow and free up more money to have a life and set up for retirement. Too many people get stuck and can’t see how to juggle all of that with our lives and other commitments…. It gets hard to know what to do.

But there are options. 

Did you know that most insurance companies now allow you to split your benefit so that your super fund pays around 80% of the premiums, leaving only 20% for you to pay out of your own pocket…? What this does is allows you to maintain all the comprehensive benefits of a policy owned outside of super, but reducing the burden on your cash flow. 

You’ll also find that from the age of 55 onwards, there are strategies allowing you to put more money in super to help you off set your insurance premiums paid from your super fund, whilst at the same time being able to maintain the same take home pay.

With the right planning and strategy, it’s amazing what can be done and how much money can be saved along the way…. It just takes a little bit of knowledge (and someone to think outside the ‘financial box’…).