Hi Coach Cameron here – below is a great article submitted by an expert in helping people prepare for the unexpected. Thanks to Wayne Lennan for sharing this with our readers and coaching clients.
Imagine for a moment the costs involved if you suffered a major medical trauma or if you were unable to work for an extended period of time due to injury or illness. There are medical costs for a start, not to mention the loss of your income and the day to day living expenses don’t go away because you can’t work! If you add to this the need to make lifestyle changes such as home modifications, rehabilitation programs and paying off any existing debt, the costs soon mount up.
Helping prepare for the unexpected
“Relieving stress and creating a better lifestyle if you suffer a major illness or are injured costs money – lots of money if you want to do it right”, says financial adviser Wayne Lennan from advisory group Financial Wisdom. “People generally want to remain self sufficient when it comes to their health and finances, but saving and investing alone may not be enough to cover the costs caused by illness or injury”.
The best solution to avoid financial hardship during these times is to insure your income and combine it with a trauma insurance policy.
While income protection will replace up to 75% of your income while you are unable to work, a trauma insurance policy will pay out a lump sum on a specified medical event, such as heart attack, cancer or stroke. “Trauma insurance provides cash to spend anyway you want to help you recover or change your lifestyle”, says Wayne “Many of our clients use it as a way to give up work altogether, setting up a debt free and worry free lifestyle”.
As with any insurance Wayne advises that it is a case of buyer beware. There are many products on the market that offer a wide variety of claims options in terms of medical conditions that are covered.
“You need to be careful and preferably get advice to ensure you are getting the best protection and the right amount of cover to suit your personal circumstances”.
Wayne Lennan is an authorised representative of Financial Wisdom Limited. This advice is of a general nature only and has been prepared without taking into account your particular financial needs, objectives and should not be construed as financial, taxation or legal advice.
For more information on Trauma insurance and income protection insurance products please visit www.waynelennan.financialwisdom.com.au or call Wayne Lennan on 02 49256125.
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