Do You Feel Lucky?

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OK, confession time. I am a financial adviser and I hate insurance. 


However, while I may hate it, I also recognize that there is often an absolute need for it. 



Here are some statistics that back that need up:



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Do You Feel Lucky?

  1. 1. Do You Feel Lucky? Tuesday 18th June 2013 OK, confession time. I am a financial adviser and I hate insurance. 
 However, while I may hate it, I also recognize that there is often an absolute need for it. 

 Here are some statistics that back that need up:

  A working adult is 10 times more likely to be unable to work through ill health than to die before retirement.  One in five people has a chance of being off work due to illness for at least three months.  There is a one in six chance of an adult being incapacitated for longer than six months.

 When thinking about what could cause you to be unable to work due to ill health, it is not necessary to look for something serious. Think something simple, backache for example.
  2. 2. It's not all doom and gloom. Chances are, your employer will continue to pay you for the first 3-6 months. If a large part of your income comes from bonuses or commission however, you will lose out as this will not be covered.

 In addition some countries have generous state safety nets. Again however, these won't cover bonus or commission income. In addition if you are on an expatriate contract then it won't cover the allowance for housing or school fees either.

 The questions therefore, that you need to ask yourself are:

 1) What effect would being unable to work due to long term incapacity have on your present finances and your future financial plans?

 2) Are you prepared to take that risk? (Or as Clint Eastwood would say - do you feel lucky?)
 3 other posts you might find interesting: 1. Expats and Life Insurance: Hidden Danger 2. Expats and Wills: Where, Why, How and Other Frequently Asked Questions 3. The 26 Documents You Will Need Before You Die
  3. 3. [If you found this post useful, feel free to sign up for my regular newsletter which is full of handy financial planning tips for expats. Just fill in your details at www.aes- rossnaylor.com/sign-up-for-newsletter and I will add you to the distribution list.] Image Credits: Image courtesy of digitalart / freedigitalphotos.net Image courtesy of David Castillo Dominici / freedigitalphotos.net Image courtesy of Teerapun / freedigitalphotos.net

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