Ok, we hear you! Where is the love for you fellas? Well, this blog is for the men out there and we want to talk about cars…. in a round-about way. Have you ever thought about how much you earn? Not in a year or next year but over your lifetime? If you started work at, let’s say age 22 after university, and your first year’s pay packet was around $40,000. Assuming an annual pay increase of only 3% (CPI), do you realise that you would have received over $3.4 million in salary by retirement at age 65 (43 years) with your final salary around $138,000 per annum.
If you work it out, that’s about 97 Ford Falcon Utes, or 141 Mazda 3s, or 68 VE Holden Commodore SS’, or 5 Ferrari 458 Spiders, or even 1 Bugatti Veyron. Whether you have multiple cars or just one, I bet you have insurance on that little baby. So if you have insurance on your one Holden, then why wouldn’t you insure all 68 of them if you had them?
If you think about it, at the moment you’re probably paying around $800 per annum to insure your car worth about $40,000. That’s 2% of the value of the car and the maximum you would only get paid out is the same as one year’s income (using the example above). So why haven’t you got income protection in place? If something happened to you, you could lose your ability to earn an income (in this example $3.4 million), not just the value of your car.
Income Protection insurance is designed to pay a monthly benefit of up to 75% of your income if you were unable to work due to sickness or accident. It provides protection for you 24 hours a day, 365 days a year anywhere in the world. This allows you to concentrate on getting your health back on track and allows your financial obligations to be taken care of. No one wants to have to sell their house after a major medical injury or illness because they can’t afford the mortgage repayments.
Ladies, income protection is not only for the men – if you had 188 Holden Barina’s you would insure them too.
So call us today to get your income protection in place. We can tailor an insurance package to your needs, and that includes a tax-deductible premium that you’re comfortable with.
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The information contained in this email should in no way be construed as a recommendation by JBS Financial Strategists with respect to the purchase or sale of any products or services. This newsletter contains general advice only and does not take into consideration your financial circumstances, needs and objectives. Your personal circumstances can only be considered by having an individual discussion. For any calculations shown, the data provided may reflect only a simple situation. Your circumstances may be different or more complex and require a different solution. JBS Financial Strategists are a Corporate Authorised Representative No.252571 of Professional Investment Services Pty Ltd ABN 11074608558, an Australian Financial Service Licence Holder No