Perhaps the most important part of a financial plan is getting your personal insurances right. What's the point of saving your hard earned cash when you may need to spend it all to recover financially from an unforeseen event - like an illness or an injury.
And what of your family's future if you were to pass away leaving debts? What would your partner do? What would happen to the family home, or the kids' education? No one thinks it will happen to them, but these kinds of things happen to ordinary Australians every single day. It's only the ones who have insurance or a large amount of savings that have a chance to recover and continue working towards their life goals.
That's exactly why you need to look at the risks that every person faces and insure yourself against them - just like you would your car, or your possessions at home. The majority of us are willing to pay to insure these material items, but incredibly most Australians don't think to ensure their most valuable assets - their income and their lives!
Click here to take a look at some statistics for insurance claims in Australia for 2013...and then think about how your life would change if the unthinkable happened to you, or your partner.