In recent times, I’ve noticed a surge of new clients coming to me for advice on personal insurance, and it’s refreshing to see that more people are recognising the importance of wealth protection. It’s clear that safeguarding our financial future is becoming an increasing priority —and for good reason. When I talk about the need for insurance, I like to frame it as a way of protecting a future position. This includes assets we are yet to accumulate, income we are yet to earn, debts we haven’t paid off yet, and business dreams we hope to realise.

Safeguarding a Future Position

Let’s start with future assets. Imagine a young professional, couple or family just beginning their financial journey. While they may not have much saved up just yet, they’re dreaming of buying a home, paying off that home, investing for retirement, and maybe even starting a family. Investing in personal insurance—like life or disability insurance—right now ensures that these dreams aren’t dashed by unexpected events. It’s about laying a strong foundation for the future. It’s also important to consider your current situation and what efforts will be required to reach your ideal life. Additionally, how hard it would be to achieve all the same goals if you faced incapacity.

All the Money You Haven’t Earned Yet

Everything you are working towards financially relies on income continuing. Turn that tap off, and life looks a lot different. Have you ever considered the total income you will earn over your working life? Protecting that unearned money is vital. Whether you’re a single parent, a breadwinner for your family, or anyone trying to make ends meet, your income is crucial. Life can throw curveballs, and sometimes illness or accidents can put a halt on our ability to work, whether short term or indefinitely. Investing in income protection helps ensure the income tap continues, irrespective of these circumstances. It helps replace a portion of your income if you can’t work due to illness or injury, allowing you to focus on your health rather than stressing about bills, financial obligations or just putting food on the table. Think of it as a safety net that helps you bounce back without losing sight of your financial goals.

Protecting Your Business Dreams

If you’re a business owner, personal insurance can also be a game-changer. Key person insurance is designed to protect your business from the loss of an essential team member, whether short term or permanently. If something happens to that person, this insurance can provide financial support, helping your business stay afloat during tough times. It could be used to protect loss in revenue or provide funds to bring in new people. It’s all about ensuring that your hard work doesn’t go to waste due to unexpected setbacks.

Additionally, it can be used to fund an exit from a business due to various health events, avoiding the business coming up with the money themselves.

Wrapping It Up

As more people start to understand the value of personal insurance, it’s clear that it’s not just about protecting what we have—it’s more so about securing what we hope to achieve/our future financial position. This proactive approach to planning can bring peace of mind, not just for us, but for our loved ones too.

In a world full of uncertainties, investing in personal insurance is a smart move. It’s about taking control of our financial futures and ensuring that we’re prepared for whatever life throws our way. As an adviser, I’m here to help you navigate these options and make sure you’re set up for success—today and tomorrow. Let’s work together to build a solid plan that protects the future you are working towards!