Tradies fail to nail life in­surance

NT News - Real Estate - - Real Estate Market Place -

want them, but I would look at it the other way – they should pur­chase in­surance be­cause clearly it’s in their best in­ter­ests to have it.”

Mr Wother­spoon said the big­gest as­set for many work­ers – par­tic­u­larly early to mid­ca­reer – was their fu­ture in­come. “Peo­ple in­sure their tools and their cars, and when their big­gest as­set is their abil­ity to earn an in­come, they should make sure they’re cov­ered.”

Life in­surance as well as to­tal and per­ma­nent dis­abil­ity in­surance (TPD) can be bought in­side super to lower your outof-pocket costs, but ad­vis­ers gen­er­ally rec­om­mend buy­ing in­come pro­tec­tion out­side super be­cause pre­mi­ums are tax-de­ductible.

If cash flow is a prob­lem, in­come pro­tec­tion can also be pur­chased in­side super.

NobleOak’s Mr Brown said peo­ple should check ASIC’s mon­ site to learn about how life in­surance works, and could com­pare pre­mi­ums and pol­icy de­tails on sites such as

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