Don't rely on others...

An article in Sunday's paper talks about people using Go Fund Me pages when a disaster strikes. Unfortunately a lack of adequate insurance is one factor that has led to the rapid rise of crowd funding, Anthony Keane writes. 

Uninsured Australians who have suffered a personal disaster are turning to crowdfunding for financial assistance but are raising no where near enough money to help them recover. The average amount raised is only $4,600.....hardly enough to pay for medical treatment, living expenses, funeral costs etc. 

Integrity Life managing director Chris Powell said "crowd funding platforms should not be seen as a contingency plan. Our research has shown there are almost 11.5 million Australian adults who know they do not have enough life insurance in place to help them. No one is expecting to claim so unfortunately people put it off when faced with other competing financial pressures."

This is not news to me. Too often I hear people saying "it won't happen to me". However, the odds are you have a 1 in 3 chance of suffering a major illness. 

Trauma Insurance will pay out if you are diagnosed with a specific illness or injury. It will provide you with funds for everyday living, treatment costs, mortgage/rent costs whilst you recover. Whilst you are unable to earn an income. 

Many people believe they have enough insurance in their superannuation however, research shows that people are under insured. 

So make sure you don't have to rely on crowd funding if something were to happen to you or your family. 

Give me a call for more information or if you would like me to review your current insurances.