Ep 328: Smart strategies to manage the cost of personal insurances

Investopoly

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In this podcast, Stuart shares smart strategies for managing the rising costs of personal insurance, covering income protection, life insurance, TPD, and trauma insurance. Recognising that insurance is often essential to avoid financial disaster, he explains that premiums for these products have significantly increased over the last decade. While many people see insurance as an all-or-nothing decision, Stuart suggests a more flexible approach: gradually reducing coverage as your financial position strengthens and your responsibilities shift, like when children reach independence.

Key points include prioritising income protection insurance, which Stuart ranks as the most crucial since it safeguards your ability to earn an income. Life insurance comes next, with TPD and trauma insurance following. Stuart also offers practical ways to manage costs, such as increasing your policy’s wait period or switching to indemnity value coverage, which can be more affordable if your income is stable. He emphasises maximising tax deductions on premiums where possible to reduce after-tax costs.

Ultimately, Stuart advocates for a long-term, adaptable strategy, reminding listeners to keep insurance in line with their evolving financial goals. This measured approach ensures essential coverage without overcommitting financially.

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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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