Insurance - A vital component of financial planning

This article originally appeared in my regular Financial Times 'The Wealthman' column online on 3 August and in print on 5 August 2017

50 per cent of people know someone who suffered a serious injury or illness

My brother-in-law has a very eclectic and bohemian group of friends. “Mad” Mikey was one such friend who got his nickname because he looked like something out of a Mad Max movie — shaven head, piercings and tattoos everywhere and an enormous motorbike.

Mikey lived with his long-term partner and their two young children in a small rented rural home and he held down a job as a building site foreman. Mikey’s lifestyle was simple and modest, but he seemed happy and he was great fun.

Sadly, one day on his way home from work on his motorbike, Mikey overtook a tractor and was hit head on by anoncoming truck. He was killed instantly.

But what amazed me was that this seemingly unconventional individual had the foresight and wherewithal to take out a life insurance policy for a sizeable amount several years earlier.

To read the rest of the article visit the FT website by clicking here.