Protecting Your Future Without Breaking the Bank 

If you have personal insurance and you’re in your 30s, 40s, or 50s, this message is for you. 

When it comes to your personal insurances—Life, Total Permanent Disability, Income Protection, or Trauma—there are two key issues that often arise, especially in your 50s: 

1. Increased Likelihood of Claims: As you age, the chances of needing to claim on your insurance rise significantly. Whether it’s due to health changes or other life events, this is the time when your coverage may be most critical. 

2. Rising Premium Costs: Unfortunately, as you get older, premiums tend to increase dramatically year after year. This can make maintaining your coverage a tough decision, as it feels like you’re betting on your own future health and income. 

It’s a challenging situation—pay the premiums for peace of mind, knowing you’re covered if you need it, or risk going without and hoping for the best. It’s a bet on your income, your life, and the well-being of your loved ones. 

Recently, we helped five new clients save a combined $88,000 per year in insurance premiums. Their situations were unique, but the problem was one many face—escalating insurance costs. 

Start with Your Plan B 

If you’re concerned about rising premiums or whether you even need the coverage anymore, start by considering your Plan B: 

– What would life look like if your income stopped due to disability, illness, or worse?   

– Could you still achieve your goals without insurance?   

– Would self-insuring—relying on your assets like super, savings, and investments—be enough? 

Before making any hasty decisions to cancel your coverage, it’s important to review your Plan B carefully and make an informed choice. 

If you’re feeling stuck or overwhelmed by high premiums, we’re here to help. Book our free introductory session and we can guide you through your options and outline the next steps. 

We hope you enjoyed reading this blog post and found it useful. If you have any questions, comments, or feedback, we would love to hear from you.  

7Wealth Pty Ltd ABN 44609210246 is a Corporate Authorised Representatives and is authorised through Cobalt Advisers Pty Ltd ABN 64 628 654 099 who is an Australian Financial Services Licensee 512550. 7Wealth Pty Ltd is a Credit Representative of Australian Finance Group Ltd ABN 11 066 385 822 (AFG) Australian Credit Licence 389087.  
This blog contains information that is general in nature. It does not constitute financial or taxation advice. The information does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Cobalt Advisers Pty Ltd nor their directors, employees or authorised representatives, do not give any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document.