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Double Income No Insurance
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Double Income No Insurance

I was talking with my financial planner the other day. A young guy and good at his job given that I believe experience to be absolutely critical in the financial advisory industry. Anyway, he was asking me about my insurance situation and it transpired that he was the one without insurance!

I’ve come across this a bit recently. DINI’s I like to call them – double income, no insurance. People in their 20’s and 30’s who are starting or progressing their careers, working hard, playing hard and most likely trying to save for a deposit on a house. They have credit cards, a personal loan or two, a car loan and they like to go overseas when they can. They also like going out to dinner, wearing nice clothes and will naturally be decked on in the latest phone, pad or whatever personal device offers the most advanced technology.

They may not have kids yet but it’s in the back of their mind. The reality of school fees may be a long way off but it’s like a dark cloud gathering on the horizon. Should they have a long term savings plan?

On top of all that they are young and invincible. Income protection insurance, life insurance, are you mad? They have great confidence in their employability and kicking the bucket is as far from their minds as being the first astronaut to fly to Mars. Why on earth should they literally throw money away on these forms of insurance?

The government has regulated the health insurance industry so that people get financially penalised if they leave health cover until they are older. How this has worked is debateable, but it’s hard to see the same thing happening with other forms of insurance.

So, should the DINI’s be taking out more insurance? We can’t generalise of course as peoples individual circumstances vary. The tipping point is often the birth of the first child. The realities of responsibility and providing financial security for the family come to the fore. Even so, there are great financial pressures at this time of life and sometimes insurance just can’t be accommodated.

Once there is a family and dependants then the downside of not having life insurance or income protection for the dependant parties could be diabolical and could impact their economic situation for the rest of their lives. The upside of taking these types of insurance at a relatively young age is that the premium should be relatively low. By shopping around and taking out a very basic policy with middle or low level payouts, almost anyone should be able to afford the premiums.

I ended up passing on my financial planners suggestion that I do a certificate of financial planning or similar in order to improve my comprehension of things financial. He also passed on my suggestion that he take out various insurance policies. But he’s still a DINI. Later perhaps.


Street Talk

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