How you spend, save and manage your money is fundamental to your future financial success.

Insurance is a large expenditure for most of us. They’re a necessary evil for most to protect our wealth and assets until we are financially independent.

We recommend setting up a schedule in a spreadsheet with all your insurances so that you can track them. The first thing you could do is assess the amount you pay each year. This on its own could be a significant motivation to renegotiate some of your policies!

Your framework for the spreadsheet could include the following columns:

a) Group (Health, Risk, Property Investment, Home, Car)
b) Type (Level of health cover, Income Protection, Life, Building, Landlord, contents, replacement, roadside assist)
c) Annual cost
d) Provider (Insurance company)
e) Policy number
f) Contact number
g) Who/and or what it covers (name, address, car)
h) Expiry date
i) Deductible (Yes or No)
j) Coverage (level of cover, and excess)

• General Insurance – Review car and home related insurances yearly and compare to other providers. Insurers will usually offer a sweet deal to get you on board, then sting you in the second year.

Building insurance – Is the replacement value appropriate?

Landlords insurance – Some companies specialise in this area and have a policy that’s much more robust than many of the other major insurance providers. Plus their premiums can also be more competitive.

Income Protection – Should you increase your waiting period on your income protection from 30 days to a longer period of time?

Personal Risk Insurance Indexation – Is it appropriate to permanently cancel indexation which ensures that your premium increase each year is minimised?

Life and TPD – Check if these insurances are owned by a superfund? If so, are they paid within an environment with a lower tax rate?

Is it time to incorporate a Money Management System into your mortgage strategy to support your Property Planning? Contact us today to book in a free confidential property planning, strategic mortgage broking, money management or property select meeting.

This Money Management Principles Report is intended to be an information resource only and contains information of a general nature. It’s a limited scale plan which we have prepared for you, concentrating on strategies to achieve the specific goals and to meet the related issues you have raised with us. It is not intended and does not constitute or act as a credit quote, credit proposal disclosure document or preliminary credit assessment. Further, it does not constitute or contain legal, taxation, financial product or financial planning advice. This Money Management Principles Report should not be relied upon, nor used, as a substitute for specific independent professional advice regarding any taxation, legal, financial product or financial planning matters. You should seek independent advice regarding these matters relevant to your own circumstances and individual needs from an appropriately licensed party. All information provided in this document is included by PPA with due care to its accuracy, however, no representation or warranty is made as to its accuracy, currency, completeness or reliability. It is your responsibility to assess and verify the accuracy, currency, completeness and reliability of the information and whether it applies in your individual circumstances.

To the fullest extent allowed by law, PPA, its Directors, officers, employees, agents and contractors will not be responsible or liable for any loss or damage suffered or incurred by you or any person as a result of (whether directly or indirectly) your reliance or such person’s reliance on any information, omission, error, or inaccuracy contained in this document or any advice given by PPA.

If the whole or any part of this disclaimer is void, unenforceable or illegal in a jurisdiction, it is severed for that jurisdiction. The remainder of the disclaimer has full-force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected. This clause has no effect if the severance alters the basic nature of the disclaimer or is contrary to public policy.