Get your basic insurance in place while you're young. Most people in their 40s who apply for insurance will find they pay an extra loading or have some conditions excluded (Income Protection) whereas cover taken out by younger people will usually be approved with no strings attached for life.

Most young people think they don't need insurance, but at a minimum they should have Income Protection insurance - even if Mum and Dad help with the premium payments for a while (premiums are usually tax deductible) - because guess who will usually bear the financial cost if the child is ill, injured or unable to work for a long period of time or the rest of their life?

Young people can also get basic amounts of life insurance with a 'Guaranteed Future Insurability' clause from many insurers, which means they can increase their insurance at a time when they need it - usually when they have a family - no matter what their health situation is at the time.

Consider the web of who can affect you financially: grandparents, will you stand by and watch your grandchildren suffer financially if the family's breadwinner is unable to work or passes away? Brothers and sisters, you've agreed to be guardian for your sibling's children - how could this affect you financially?

Arrange a time to discuss your particular situation with us either in person or over the phone. We can help structure a cost effective and tax efficient strategy to protect your family. Call us today on 1300 784 011.

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