Planning for the unforeseen loss of the main breadwinner’s salary should be a high priority. Leaving it to another day could result in significant financial exposure for your family so its important to protect the things that matter to you most.

There are risks in every aspect of life, but many risks can be insured against. Most people insure assets such as homes and cars, but many don’t insure their most valuable asset – their ability to earn an income. Many people also have inadequate (or sometimes no) life insurance, which can leave their family in a difficult position if they cannot work, illness occurs or death.

The right type of protection can help you manage those unexpected events that may otherwise mean you have to:

• ask family or friends or others for financial assistance;
• utilise your savings or investments
• borrow money or dip into the buffer you have created from extra payments
• sell assets to cover day-to-day living expenses or medical costs

When planning ahead its important to factor in the unexpected and what you want to have in place so that you have choices and financial flexibility. Personal insurances can provide income or a lump sum to alleviate the financial stress or provide a money for you to get the right medical treatment when it is matters. The options available are:

• Income protection
• Life insurance
• Total & Permanent Disability
• Trauma or critical illness cover

There are a number of ways you can structure your wealth protection plan it is important to consider what you need and how this impacts your cashflow.