Life insurance. As with all insurance, the question becomes: how much do you need? Economists and statisticians can put a price on human life, but most people I know generally don’t tend to do so. And as long as you can afford the premiums, you can find some policies that will allow you to insure yourself for a very large sum indeed. Our History of Life Insurance As I spoke about in my goals post last year, we have two policies. We are each insured for $125,000 through our superannuation. This is the standard offering given to all new members, and being default cover, is unlikely to be anywhere near ... Show Me More!
Very early on in my working life, a colleague and I had a conversation about life insurance. She was totally against the prospect, saying that she would never want to profit from the death of her husband. She had a moral objection to the idea. I see life insurance as a safety net. No amount of money will ever replace a loved one, of course. But to me, that isn’t the purpose of life insurance. The purpose is to enable those left behind to continue to live the standard of life they had while you were alive. Imaging dealing with the most stressful event in life, while also having to ... Show Me More!
Last post, I showed you how to estimate the cost of rebuilding your house, and so determine an indicative amount to insure it for. This post we are looking at what is in your house. From all those things that have been there for so long, you don’t even notice them anymore, to everything you use on a daily basis. If you are at home reading this, stop what you’re doing and look around. Imagine every little thing you can see just disappearing like soap bubbles – pop, pop, pop! This includes the chair or lounge you’re sitting on, or the shoes on your feet. This is why you may ... Show Me More!
It’s time to renew our annual home and contents insurance. Every year, the renewal arrives, I look at it, and have no idea whether the amount we are insured for is reasonable or not. How on earth do I know how much it will cost to rebuild our house? Or what the total worth of all the “stuff” we’ve chosen to bring into it over the last 20 years is? Usually I look at it, shrug, and pay. In the spirit of personal finance, this year it is time to take a deeper look at what we can do. In this post I am investigating home insurance on a building. ... Show Me More!
I love seeing how other people budget, getting down to the nitty-gritty of their categories and numbers, but I don’t feel it is fair to gain value out of what others are contributing without contributing something ourselves. As promised, here is the second Budget Breakdown for the Enough Time Machine. This represents how much we budget per month, not necessarily how much we spend. This week we are looking at Insurance. Ouch! Insurance is hard. We are paying nearly $6,500/year for … nothing? For the chance that if something bad happens, we may get some monetary compensation. In a good year, where we don’t call on our insurance, we don’t have anything to show for ... Show Me More!