27 Aug 2019
Wealth Protection
Is insurance a necessary evil?
By Brock Lamke | Accountant at DW Mathers & Co.

Insurance is something no one likes paying and some individuals avoid insurance policies altogether with the belief, “It will never happen to me.”

Well, I am here today to explain a recent event which affected me and some of my co-workers at DW Mathers & Co. and Future Key Financial. This event illustrated the reason of not only having, but knowing and understanding your insurance policies and making sure they are always updated.

It was 5 o’clock on a Thursday afternoon, work had finished, and I left the office to go play my Thursday night social sport. When entering the side street to collect my parked car, I saw multiple tow trucks and police cars. There had been a car accident. A person was driving down the street and had damaged multiple parked cars. Upon reaching my car, I found it had been badly damaged. Some of my co-workers soon appeared and found their cars had also been badly damaged. Three of the six cars involved in the accident belonged to employees at DW Mathers & Co. and Future Key Financial.

All vehicles were towed. This started a two-week struggle with insurances to work out how much my car was insured for and wait for assessment to determine if it was repairable or a write off.

This taught me a valuable lesson in life: even though insurance can be annoying and sometimes seem like a wasted expense, they are a necessity.

This event encouraged me to check all of my general and personal insurances to ensure I’m covered for what I need. As much as the cheapest option sounds good at the time of payment, you want to ensure the policy is appropriate, to avoid being left high and dry at time of claim.

Our team at Future Key Financial can review and establish appropriate personal insurances for you. They don’t charge commissions and can access discounts as high as 27% on certain personal insurance products. Contact us on 07 3547 9100 to review your personal insurance needs.

In addition, although we don’t provide advice in terms of general insurance policies, we know trusted professionals that do. Contact us if you would like a referral.