When I suffered a heart attack at the age of 38, not only did it impact on me physically and emotionally, but it also affected me financially. I did not have insurance outside of super in place when I had my heart attack and now I am almost “uninsurable”. When I investigated insuring myself, most insurance companies refused to look at my case. The few insurers who would consider looking at underwriting me indicated the premiums for my situation would be around 300% higher than a standard premium. Don’t let this happen to you. I know from personal experience the devastation that a critical illness can have on you and your family.
When I started my own financial services business many years after my heart attack, my personal experience was a catalyst for offering integrated and holistic solutions for my clients, considering all aspects of their personal, business and farming lives.
To this day, I strongly encourage you to consider a trauma insurance policy to help assist with being able to afford suitable medical care and rehabilitation, as well as protecting your family’s way of life in the event of suffering a serious injury or illness.
The moral of the story is please learn from my mistake. The fact is, back then, I had the chance to take up appropriate insurance, I didn’t. While I recovered physically from my heart attack, financially it was devastating. The ramifications continue to have an effect on me now, as I am unable to take on some of the business risk I would like to because I am unable to use insurance to protect my position.
Your life could change in an instant if you were to suffer a serious illness or injury. It is estimated that men have a 40% risk, and women have a 25% risk of suffering a traumatic illness between the ages of 30-64.[1] Additionally, one in four people living in regional and rural areas is suffering from cardiovascular disease, compared with one in five in metropolitan areas. Cardiovascular disease is the leading cause of death and disability in Australia, and it is estimated that 3.72 million Australians have cardio vascular disease.[2]
World Cancer Day, which is recognised in February each year also highlights the prevalence of cancer which provides compelling reasons to consider a trauma insurance policy.
1 in 2 Australian men and 1 in 3 Australian women will be diagnosed with cancer by the age of 85. An estimated 130,470 new cases of cancer will be diagnosed in Australia in 2016, with this number expected to increase to 150,000 by 2020.[3]
These high critical illness statistics, combined with a concerning trend of ‘misinsurance’, where there is a mismatch between an individual’s personal insurance needs and their actual cover, could leave everyday Australians facing a financial crisis if the unexpected were to happen.
There are many complexities associated with personal insurances, so it’s extremely important to seek professional advice to help you choose the trauma insurance and/or other personal insurances that are appropriate for your circumstances.
Trauma insurance may provide a financial benefit in the event of you suffering from a serious illness and health condition which is covered by the policy, with the major causes of claim being cancer, heart disease and stroke. Most policies cover over 30 specified events such as major head trauma, severe burns, paralysis and multiple sclerosis.
I can assist you to confirm appropriate levels of insurance cover for your circumstances, so that you can reasonably expect your full entitlements to be paid should you ever need to claim, leaving you to focus on recovery without the additional stress of pressing financial commitments.
For further information about Trauma Insurance, I invite you to contact me today on 08 8253 2906 or email info@financialservicessa.com.au
Phillip Dibben is a financial adviser with Active Financial Management. Active Financial Management and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306 trading as Fortnum Financial Advisers.
This information does not consider your personal circumstances (including taxation) and is of a general nature only. You should not act on the information provided without first obtaining advice specific to your circumstances.
[1] Gen Re Australia 2009.Australian Critical Illness Survey 2008: a study of claims experience 2001 to 2005
[2] http://ruralhealth.org.au/sites/default/files/publications/cardiovascular-disease-fact-sheet-may-2015.pdf Heart Foundation. Data and statistics. [cited 2015 January 15]; Available from: http://www.heartfoundation.org.au/information-for-professionals/data-and-statistics/Pages/default.aspx.
[3] Cancer.org.au