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13 Wealth Building Exercises


 

13. Insurance & Will Review

Investment Property Australia – 13. Insurance and will review - Australian Property Club

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No one likes paying for insurance, especially when the premium goes up and up every year and you feel like it’s money down the drain. Hopefully you never have to claim on any of your policies, but imagine what would happen if your tenants destroyed one of your properties and you were uninsured. Or they skipped out on two months’ rent. Have you ever sat down and tried to work out your earning capacity over your lifetime? I think you’d be surprised at the result. Let’s say you’re 35 years old and earning $70,000 a year. Forgetting about income from investment properties and assuming you stay in the same level of job until you retire at 65 (so, earning $70,000 plus an annual increase of 2 per cent for the next 30 years), your earning potential – at a minimum – is $3,639,605. That’s a pretty big asset! Now imagine that you couldn’t work for whatever reason. Maybe sickness, maybe an injury. How would you pay the mortgage? How would you support your investment strategy?

The answer is insuring yourself.

You don’t want to find yourself in a situation where you have to sell those property assets you’ve worked so hard to acquire.

Complete this exercise now and we can arrange for your Insurance & Will Review to be assessed by a qualified expert in this field.

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The INVESTMENT Property Plan