Phone Mark Hay Realty (08) 9225 7000

Call  (08) 9225 7000

Sales Enquiries: 9225 7000, Rental Enquiries: 9221 2766
Mark Hay Realty Group, 28/118 Royal Street, EAST PERTH WA 6004

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Keyman Insurance: Are you covered?


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In this day and age of high finance, something that is continually overlooked in the warm gush of buying your first home or investment property is insurance. Note insurance of property is essential, but insurance of you or the main stakeholder who actually earns money to fund the repayments is absolutely paramount. In the event of an untimely accident or sickness this can impede dramatically on a person’s capacity to work and derive income.

With an insurance policy, obviously this is taken care of and can be instrumental in casing an unforeseen downfall of someone’s finances in the case of any unfortunate events that may occur.

This is probably even more pertinent for people who are in manual or labouring intensive style occupation versus more sedate office-type work.

Recently I was at the receiving end of a horse’s kick, which has left me on crutches. Which whilst it slows me up in the office, it hasn’t really curtailed my earning capacity. Obviously if I was a bricklayer, gardener, security, electrician or something more active, this accident would dramatically affect my earning capacity.

A further view on this is that I not only have sickness and accident insurance on myself, but I also in our early years when we had five young children I also had my wife insured in the unlikely event that should she become incapacitated and I needed to employ a nanny, the insurance cover would still permit me to derive income from my occupation.

The final situation on insuring key personnel i.e. the bread winners is the ultimate insurance being death. Whilst most of us don’t like to speak about this to any degree it is certainly very wise to have death insurance for key personnel, so your family and loved ones can be well catered for should unfortunate events unwind.

As everybody knows you never really think you need insurance, until you need insurance.

Make the prudent steps before, and not after the event.

Look into your insurance or update it for your current earning capacity if you haven’t reviewed it for a while or if your work situation has changed accordingly.

Source Mark Hay
August 22, 2018
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