Life Saving Advice

These days many people survive a serious illness like cancer, heart attack and stroke. But the experience leaves many financially crippled. It shouldn’t and doesn’t need to be that way.

Safety Nets For Your LifestyleThese days many people survive a serious illness like cancer, heart attack and stroke. But the experience leaves many financially crippled. It shouldn’t and doesn’t need to be that way.

“My reaction was, if this is going to save my life, I don’t care how much it costs.”
Breast cancer survivor, Bronwyn Wells quoted in The Weekend Australian, 26th September 2009. View article here

Yes of course if you are faced with a life threatening illness you’ll happily sell investment assets to fund your lifestyle and medical expenses.

But what if that is not enough?

And what next once you’ve pulled through?

“The financial impact of something like breast cancer is enormous”, said Wells in the article, which also reported that she had taken two years off work to fight her illness.

If that financial impact concerns you then it’s time to look at another strand in your safety net.

A Valuable Tool – Trauma Insurance

If you want to be able to fund your choice of medical treatment then trauma insurance can provide you with the money.

If at the same time you want to protect your family’s lifestyle and avoid financial stress then trauma insurance is essential.

Trauma insurance pays you a lump sum benefit on the diagnosis of a serious illness. The most common four conditions are cancer, heart attack, stroke and coronary surgery.

A beautiful partner to income protection insurance

If your serious illness means you are unable to work then you may be able to receive a benefit from your income protection policy. This replaces up to 75% of your income so it goes a long way to helping you maintain your existing lifestyle commitments.

However, a serious illness will increase your expenses. So you need additional protection. That’s where the trauma insurance helps a lot.

The Cost of Treatment

Treatment costs vary widely but its probably much higher than you think. The article in The Weekend Australian noted that many modern drugs used for cancer treatment cost between $25,000 to $50,000 per year.

Importantly not all are subsidised on the Pharmaceutical Benefits Scheme (PBS).

If your doctor told you of a new wonder drug that could save your life but it was not yet on the PBS would you find some way to come up with the money?

It’s human nature to. But then if the drug works you will survive but may be financially crippled or at least strained.

Trauma insurance can support those choices.

Take Action then Sleep Easy

I don’t advocate dwelling on what could go wrong and the consequences if it does. But I also don’t advocate putting your head in the sand and not thinking about or planning for it.

This is how I recommend we deal with such potential speed bumps:

  1. Become aware of the possibility
  2. Acknowledge the true likelihood of occurrence
  3. Investigate and consider the potential consequences
  4. Implement an appropriate safety net
  5. Rest easy knowing you have protection

Don’t assume you can’t afford insurance. It’s often much cheaper than you think – especially once you properly consider the true cost of no protection.

Call me or e-mail me now for a no obligation discussion and quote about the investment in trauma insurance for your safety net.

Author: Matt Hern

Certified Financial Planner professional, Matt Hern has three times been awarded as one of Australia's Top 50 Financial Planners by The Australian Financial Review Smart Investor. He is passionate about guiding you on the right financial choices to achieve what you really want. Matt Hern is an Authorised Representative of Charter Financial Planning Limited AFSL 234665. All information is general advice only.