a) cope with the unexpected; and

b) to minimise your own risks in life.

A lot of time has been devoted to retirement incomes and how we all need to save for our own retirements – but what if you don’t get there, or get sick or injured along the way – I know it probably won’t happen to you, but it will more than likely happen to the person sitting next to you.

Consider the following:

• In 2006 one of the country’s leading insurers paid out over $136m in claims.
• Of that 50% was for death claims with the youngest claimant being 19 years of age.
• The other 50% was paid out to those who will either never work again or were off work for an extended period of time.

Some sobering stats – the youngest Income protection claimant was 20.

The youngest Critical illness claimant was 27. More than 82% of these claims were for cancer, heart attack or stroke.

So I ask you, when you have your first heart attack, what are you going to lose, the house or the mortgage?

You see not only do we develop strategies to increase our wealth, but we also need to look at ways to protect it – after all take away your ability to earn an income and your plans will fall apart.

If you have not looked at your personal wealth protection portfolio over the last 3 years, now is the time to do it, – why I hear you ask – because no insurer will look at you once you have your heart attack.

This information has been prepared without taking into account your individual objectives, financial situation or needs. Before making a decision based on this information you should consider its appropriateness having regard to your objectives, financial situation and needs. You should read the applicable Product Disclosure Statement, available from your financial adviser, before making any decision about whether to acquire or invest in a product. Tax legislation or its interpretation may change in the future. You should seek tax advice specific to your circumstances before making a decision.