Over the
Christmas/New Year break I read plenty of news stories about Australia’s major
mining houses (BHP/BMA, Anglo, Santos, Rio etc.) continuing their cost cutting
measures by shedding staff and contractors. I’ve spoken with many people
who have been impacted by this personally and whilst the majority saw it
coming, it’s still a difficult situation to deal with.
So what
should be done? Apart from the obvious
job hunting, there may be some other things you can do in relation to your
superannuation and insurance. With any change in circumstance whether it
be employment, starting a family, buying a house and so forth, you should
review your superannuation and insurance needs.
For
example, if you’ve just left the mining industry, or have taken on a new role,
it’s imperative that you review your personal insurances. Chances are
your salary has changed and from the insurance companies point of view your
occupation rating may have changed. What does this mean? Simply, it means you could be over insured,
under insured or paying inappropriate premiums due to your change in
occupation.
If you were
previously working as a geologist earning $150,000 per year and now you’re in a
different role on a lower income, you may be paying higher premiums than you
need to be. Depending upon the structure
of your existing insurances, it may be appropriate to make some changes. Why pay more than you need to? Particularly if what you’re paying for may no
longer be appropriate to your needs.
2016 may be
a tough year for some. There’s little
point dwelling on things that are beyond our control. Focus on the things
you can control and take the opportunity to review and improve your
superannuation and insurance. Don’t just
simply “set it and forget it”. Changes
you make now (however small) will have a big impact in the long term.
Andrew O'Brien FINANCIAL ADVISER. P 07 3852 3025 M 0403 156 625 E andrew@hindsightwealth.com A Suite 4 / 30 Florence Street, Newstead QLD 4006. Andrew
O’Brien is an Authorised Representative of Synchron AFS Licence No 243313 Life
Insurance Broker. To read our
Privacy Policy, click here.
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