Originally Posted by
JurassicDriver
That makes it pretty unsustainable in the long run
I’d highlight this again.
The aim has to be to build up an asset base to generate sufficient income to protect your family in the event that something happens to you, before the cost of insurance becomes prohibitive and you look to drop it.
Life and loss of income insurance, in this day and age, if you’re buying it in the private market, isn’t sustainable as you approach perhaps 55.
To my way of thinking, it covers the catastrophic, unexpected event in your 30s or early 40s that will see your family lose the house.
It’s not to allow your family to maintain their expected lifestyle if you die or lose your medical in your 50s or early 60s.
It’s something you need to consider as you age in this profession and the risk of losing your medical or having a catastrophic event increases.
It should be a consideration, and perhaps a warning, to those considering entering the profession. It’s a risk to your family’s future wealth and wellbeing that is difficult to manage as you age. It’s another reason salaries should be high. These risks are largely borne by the individual in many instances, even allowing for some loss of licence payouts in various EAs.