Steps to guard your assets

///Steps to guard your assets

THIS year is shaping up to be just as tough as 2008, with unemployment tipped to rise to more than seven per cent.

Only time will tell, but it makes sense to heed the warnings and put strategies in place to protect your precious assets.

Obvious ones include getting ahead of loan repayments to provide a buffer if your income drops, not getting over your head in credit card debt, and continually improving skills so you won’t be first in the firing line for retrenchments at your place of work.

If you have loans, think about insurance. It is a complex topic because policies vary widely from company to company, and are often couched in terms that make them difficult to understand. I will give you a brief overview to enable you to be prepared when you start talking to your adviser.

The most straightforward forms of protection are life insurance which pays your estate a lump sum if you die, or TPD insurance which pays a lump sum if you are totally and permanently disabled.

It is far more common to suffer a serious illness such as cancer or stroke. Trauma insurance is available to cover these events, and the policy usually provides for a lump sum that is sufficient to enable the household to get by while the primary breadwinner is recovering from the illness.

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