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Life Insurance

Created by

bene313 > 9 months ago, 24 Sep 2013

bene313

1347 posts

24 Sep 2013 2:20pm

There are a few comments in another thread regarding wearing a helmet due to having a young family. Whether this is effective or not is of course debatable.

As we all know, an experienced kiter was involved in a tragic accident, leaving a young child. There has been talk of setting up a fund for the family.

I have a young family, but I don't wear a helmet when I surf or kite. What does provide me some comfort is that I am more than adequately insured if I were to pass.

Of course, insurance costs money. But for me it's worth it to know my little fella and missus will be well looked after if I could no longer fulfill that role. In fact I insured missus for a bit less also.

Do you consider insuring against death/disability worthwhile? If not, why not?

LostDog

445 posts

24 Sep 2013 3:48pm

Of course it's only worthwhile once it has to be called upon.

Have always had life insurance to ensure the home loan (and other loans) are settled and the family have enough cash to survive until the Mrs can stop being a mum and get back into the workforce. And some so the boys can buy cars at 18.

Not only kiting, driving, running, cycling, all have risks and I'd hate to leave my family in the poor house if I happen to leave suddenly.

DutchRooster

NSW

325 posts

24 Sep 2013 6:55pm

Bene, who I have you insured yourself with? I used to have life insurance in UK but not since moving to Aus. Im happy to live my life to the fullest but want the peace of mind for my kids ...

Freddofrog

522 posts

24 Sep 2013 5:43pm

Imho if you have a family, you definitely need insurance of some sort, eg life, TPD and income. A guy at work injured his leg and couldn't work for 3 months, no insurance. Almost declared bankruptcy except his inlaws bailed them out.

Speak to a couple of brokers, they'll work out what and how much you need.

bene313

1347 posts

24 Sep 2013 5:54pm

Select to expand quote

DutchRooster said..

Bene, who I have you insured yourself with? I used to have life insurance in UK but not since moving to Aus. Im happy to live my life to the fullest but want the peace of mind for my kids ...

With Asteron, but a financial planner set it all up for me.

Saffer

VIC

4501 posts

24 Sep 2013 8:24pm

Select to expand quote

You can use the life insurance on your superannuation and up it to a million. There are some occasions, like having a child that allow you to up it without taking medicals so my advice is to take advantage of those times. I.e. I want to increase my insurance because my wife is pregnant.

The only disadvantage of life cover on super is when you hit retirement age, your life insurance ends so you need to switch to an independent life cover sooner rather than later.

dusta

2940 posts

24 Sep 2013 6:28pm

yet another reason to be a member of AKSA

Select to expand quote

14 Mar 2013 22:34 | Gavin Stevenson (Administrator)
Kiteboarding Australia is pleased to formally announce the new KA insurance program for our financial members.

The new program includes the existing public liability policy that kiteboarders in Australia have come to rely on in order to maintain access to beaches, run competitions around the country and protect our members from financial loss should things go wrong.

In addition we are very excited to announce that the new program includes for the first time personal accident insurance. At this stage the cover is limited to death and disability coverage however this is the first step in providing a more comprehensive insurance program for our members. This new cover has been funded by reductions in our public liability premium thanks to a focus on better management of the policy including claims procedures. In short the additional benefits have been delivered at no increase to membership fees.

We continue to work toward improving the insurance benefits to members and look forward to making further announcements in the coming year.

Details of the new program can be found here

This policy does not cover commercial activities such as a kiteboard instruction business, AKSA recommends that instructors purchase suitable commercial insurance. Instruction that is conducted on behalf of AKSA or state associations at events is covered by the AKSA policy.

Kind regards

The KA Board

DutchRooster

NSW

325 posts

24 Sep 2013 8:43pm

Just did a search and was a bit shocked at the monthly cost for life cover. We're talking over $200 a month (stepped, not level). My UK one was ??50 a month.

For me, this equates to over $50,000 in cover payment between now and hitting 65. Yikes...

Still; gotta be done. Peace of mind.

eddiemorgs

QLD

391 posts

24 Sep 2013 8:46pm

Yep. It is expensive but insured as well.

default

1255 posts

25 Sep 2013 9:37am

Income insurance premiums are an allowable tax deduction also.. which cover you for disabilities which stop you from working up til the age 65. If you have a mortgage or two - a prudent idea

kitebt

NSW

325 posts

25 Sep 2013 12:40pm

I am insured to the core - Life, Income Protection, Trauma etc.....If you partake in sports like we do and have a family then IMHO it is essential. I fly small planes, kite, mountain bike and snow ski for hobbies and I travel extensively for work. While sometimes I wonder why I have to pay so much for insurance I then remember the things I love to do and that they do have inherent risks.

Is it worth it. Hell ya!

SibboV1

368 posts

25 Sep 2013 12:22pm

A little bit of misinformation in here. I'm a financial planner and deal with insurance on a regular basis.

If you know exactly what cover you want, there are some online places that will rebate insurance commissions back to you. Cheapest option.

If you have no idea, but know you want money in case something happens, go talk to a planner who can recommend the best product for you. Be cautious of planners who are only able to use their own product - bank planners, people that are licensed by fund managers/insurance companies. You want unbiased advice, as the cost between providers can be vastly different for the same cover.

Any specific questions hit me up.

Plummet

4862 posts

25 Sep 2013 3:47pm

yep i'm insured to the eyeballs.

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Life Insurance

bene313

LostDog

DutchRooster

Freddofrog

bene313

Saffer

dusta

DutchRooster

eddiemorgs

default

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Plummet

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