Your financial survival kit for when life turns … bearish

Bear Grylls has the right kit to survive in the bush. What tools do you need to survive in the financial jungle?

When things in your financial life turn bearish, it’s important to have all your survival gear ready and waiting.

TV survival expert Bear Grylls is the king of the survival equipment list ranging from a knife to deodorant.

But it’s not just walks in the bush, or self-guided hikes in the jungle that can go horribly wrong.

People can find their financial lives in jeopardy, sometimes because they have taken a financial wrong turn, but also sometimes through no fault of their own.

And just as with surviving the great outdoors, surviving a financial crisis is all about preparation and what you have stowed away in your survival pack.

What should you consider putting in your financial survival pack?

…Very importantly….Personal insurance:

Extra precautions are needed if people are relying on you.

Life insurance is there to provide a lifeline to your family if you don’t make it, and income protection insurance is there to reduce your reliance on ACC doing the right thing by you, or for when your inability to earn an income is a result of an illness.

ACC’s website says: “If you’re unable to work, we can pay up to 80 per cent of your pre-incapacity weekly earnings after you have been off work for a week.”

There is an “if” and a “can” in that sentence and that maximum of 80 per cent may not be sufficient to cover your outgoings.

ROB STOCK @ May 20 2015