“General Douglas McArthur once said that every failure could almost be explained by two words: ‘TOO LATE’. Too late in realising danger, too late in preparedness” - The Australian Financial Review

As an Australian, the Australian Bureau of Statistics (ABS) says I statistically have a 3 in 4 chance of having a major illness during my working life!

Realising this, I have spent a good deal of time and energy making sure I increase my chances of being that 4th person. I keep fit and active, have a healthy diet and generally look after my health. Now all I can do is hope my genetics treat me very kindly.

However, what happens if I do all this and I still end up being one of the three? Well, I ensure I have enough personal insurance to finance my costs (lost income, medical costs, supporting my family and business etc.) to provide me with the best opportunity to fully recover.

How about the rest of Australia? A recent study by the Investment and Financial Services Association of Australia (IFSA) showed that only 4% of Australians with dependents have appropriate and relevant insurance. Staggering, isn’t it?

Remember, we may not be able to avoid an accident or that major health issue. However, we are in full control of being prepared by having the appropriate cover in place, to give us the means to support our family and ultimately ensure us the best chance of recovery.

Your action for the month – Review how you, your family or your business partners would fund the cost of you having a major illness or an accident. Don’t leave it ‘TOO LATE’!

Have a great month.

Cheers

Ben