Don’t Rush Into Impulsive Decisions
The tumult of 2020 took many Australians by surprise in way of lifestyle, and employment. In light of new research from a Roy Morgan study, the impact of COVID-19 on Australia’s job market shows 67% of Australians have had ‘a change to their employment’ due to the pandemic, 4% or 620,000 were made redundant by July 2020 and 25% are working from home. The chances are that you, someone you know are in one of these categories and have run the numbers on your life’s expenses ad nauseam. Having peace of mind when it comes to your finances is crucial in returning to a desirable quality of living, but one must be discerning in balancing the books instead of hastily cutting costs.
In a recent Guardian article, uAcademy’s founder Jay Lee warns against the knee-jerk response to cutting insurance, “Check whether you’ve got insurance policies designed to help if the worst happens, such as payment protection insurance…your home is your castle, and you should protect it”.
Alluding to the necessity to be able to meet your living costs should you fall ill or injured, Aspect Underwriting offers up to 85% income cover with a tailored Income Protection Policy.
Compensated For Adapting
If you were lucky enough to retain full-time employment but find yourself working from home, you may find yourself at higher risk of injury or illness working in an environment ill-fitted for OH&S regulations.
In a Smart Company Article, Research from Asana found some 77% of workers in Australia and New Zealand experienced burnout in 2020, highlighting concerns about mental health in working from home. Participants indicated the increased volume of meetings, phone calls, workload, and the stress of chasing people for feedback, as the top three barriers to productivity.
Not all injuries and illnesses are sudden, they creep up slowly and develop over time. If this happens to you and causes a gradual reduction in hours, you dip into your sick leave and/or seek health consultation & treatment, the chances are it will eat into your income.
An Aspect Underwriting Income Protection Policy covers up to 85% and a successful claim will typically be calculated based on your average earnings over the year before your injury or illness. The policy covers you for illnesses & injuries that occur outside of work and accompanies Workers Compensation insurance.
Underinsurance, A Persistent Problem
We know Coronavirus is a single risk factor that can cause income deficit and financial pressure on you and your dependents. It is crucial to remember that there are umpteen other factors that exist amidst the pandemic and they are sure to outlive it. Independent actuarial consulting body Rice Warner’s ‘Underinsurance in Australia 2017 report’ found that only a third of working-age Australians have taken out an income protection insurance policy. The statistic is significant. Aspect Underwriting’s end-to-end online quote system is free, removes the standard barriers to entry upheld by many other brokers, and will allow you to navigate any tricky climate with confidence. Therefore, you can easily choose to no longer be underinsured or, even worse, uninsured?
Mike Wallis
Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.
