Want to give it a try yourself?
Don’t just read about earthing – feel the benefits of it in your own life. Here are a few ways to do so...
◆ Go for a barefoot walk along the beach
◆ Meditate outside
◆ Kick around a ball while barefoot
◆ Do your workout outside
on the concrete or grass ◆ Next time you’re out in the garden, take five and just sit barefoot on the grass
When it comes to insurance, the old saying, “You don’t know what you’ve got till it’s gone,” rings true. If you’re like many Australians, you probably don’t realise how much cover you need until it’s time to make a claim. From health scares and home disasters to car accidents and mishaps, day-to-day living can be risky business.
In fact, one in five Australian families suffer an unforeseen event – such as injury, illness or death – that prevent them from working. Unless you’re financially equipped to recover from associated losses, chances are you’ll have to rely on insurance to get you back on your feet.
Why, then, are so many of us underinsuring ourselves?
WHAT IS UNDERINSURANCE?
“Most often we think of underinsurance in terms of not receiving enough money to meet our needs in the event of a claim,” says Canstar group executive of financial services Steve Mickenbecker. “However, underinsurance can also occur when the policy doesn’t cover the event that has resulted in the loss and the claim is declined.”
In either case, you’ll be forced to dip into your own pocket to replace losses and cover expenses.
“The consequences of underinsurance can be quite devastating. The big events can mean your finances never fully recover,” Steve explains. “When it comes to life insurance, the family
could be losing the prime income earner, and be left with unaffordable home loan repayments, school fees and living expenses.”
WHERE AM I UNDERINSURED?
While underinsurance is a problem in almost all forms of insurance, it’s a particular concern with the following…
Home: Despite our homes being our biggest assets, a study by the Insurance Council of Australia (ICA) revealed 83 per cent of homeowners believe they’d be incapable of resuming their
standard of living if their property was destroyed, because they don’t have sufficient insurance.
Contents: According to the ICA, one-third of householders risk underinsurance by failing to revise their contents policies to cover new possessions. Make sure any additions and renovations are covered.
Life: A 2017 report by Rice Warner revealed the average family would find only 47 per cent of its basic needs covered if they needed to claim through their life insurance.
Income: According to Rice Warner, only one-third of our working population have income protection insurance – a significant portion considering that 55 per cent of Aussies say they would last just three months without a job, according to a survey by finder.com.au.
TAKE COVER
To avoid unexpected hardship, Steve recommends doing your homework.
“Most insurers’ websites have calculators to help you estimate the cost to rebuild your house and replace your possessions,” he says. “Or for life insurance, to cover the living costs of your surviving financial dependants, including loans and other commitments.”
Read the fine print while you’re at it, paying particular attention to exclusions “so there are no unpleasant surprises at claim time,” says Steve.
Avoid cutting corners, too. The ICA found one in 10 householders deliberately undervalue their home and contents to save on premiums – unaware this could cost a lot more in the long run.