Unlimited Sick Leave ….. Wouldn’t That Be Nice!

thinking woman_s

 

Imagine this, you have just commenced a new job & the HR manager is going through some of the benefits that you’re entitled to as an employee.

They mention that they have an unlimited sick leave policy.  This means that you will be paid for any illness or injury that prevents you from doing your job for the full duration of your disability!

To my knowledge this kind of arrangement doesn’t exist, unless there are special circumstances or privileges involved.

Ordinarily, employees need to accrue sick leave entitlements based on the number of years of service offered.

It has been found that the average number of sick days an employee has in Australia is approximately 15-20.  This number would be higher if it weren’t for our love of ‘sickies’ in this country however it is what it is.

So if you were to sprain your ankle or pick up a common cold or flu, you would have adequate sick leave entitlements to cover you.

What would happen financially though if your illness or injury were to last months or even years!

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The Secret To Financial Security ….. Insure Your Income!

wallet with money

 

We are all familiar with the term “less is more”.  Sometimes in life we tend to over complicate things.

I know from my experiences with the people that I come across in the industry, personal insurance can be a little overwhelming.

This may be due to the number of different products available on the market, each with their own options.  As advisers sometimes we tend to focus a little too much on features & benefits rather than the purpose of the cover!

Without an income not only are we unable to meet our financial commitments but we are also unable to maintain our standard of living!

Therefore the secret to financial security is to insure your income over the short, medium & long term!

There are two important areas that need to be considered.  Temporary income replacement due to serious illness or injury & permanent income replacement due to premature death or permanent disability.

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A Tale Of Two Insurance Stories!

Beautiful Young Woman with Two Children Outside

 

We have all seen movies on TV where there are two different endings to a story.  It is usually a family ghost or an angel from heaven that has been sent to show a person the consequences of their decisions in life!

There is a happy ending & a not so happy ending with the person having a second chance to go back & make things right.

This of course is make believe as in real life we sometimes only get one chance to get things right.  For some people they don’t even get this chance as an unexpected event occurs which leads to grief.

This is particularly true in relation to life insurance!

Here are two stories outlining a family scenario below, highlighting the financial impact both with & without adequate Life insurance cover!

As they also say in the movies, “the following story is based on true events”.

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Trauma Insurance ….. The New Life Insurance!

Young female doctor looking at the x-ray picture of lungs

 

Medically speaking, we are extremely fortunate to be living in today’s world!

If we go back a couple of generations, not only were people dying earlier but mortality rates were considerably higher.

Today life expectancy has increased significantly thanks to advances in both medical treatment & technology.  This trend will no doubt continue over the years further improving our longevity.

The life insurance industry has also evolved over the last few years particularly in relation to the types of cover available on the market.

These changes have reflected or mirrored the trends discussed above relating to life expectancy & mortality.  The concept of life insurance has been around for well over a century.

Back in those days a life insurance policy was your only choice in relation to financial protection.  If you were an adult living in those times you would be fortunate to live to the ripe old age of 50!

This was due to the fact that even the most simplest of illnesses could lead to death, reflecting the standard of medical treatment available at that time.

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Please Help Me With My Insurance Options!

Blonde business woman touching her forehead being tired

 

If this sounds like you don’t worry, you’re not alone!

I have mentioned on more than one occasion in previous articles the issues we are facing regarding under-insurance in this country.

There are a number of reasons why this problem exists, however a lack of understanding of your insurance options tends to be the main issue on why so few of us are properly protected financially.

I have always stressed that the better educated you are on this topic the greater the likelihood that adequate cover will be considered for both yourself & your family.

With this in mind I have provided some information below including a breakdown of the suitability of each cover based on your personal circumstances.

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Beware The Direct Insurer!

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Unless you have been living under a rock for the last year or so you would be aware that momentum is starting to build in the risk insurance space.

Whether you have insurance or not, very few of you can deny the value or importance of financially protecting both yourselves & your family.

As important as it is, it has been found that only a small percentage of our population have adequate cover in place to financially protect against serious illness, injury or premature death.

The reluctancy for Australians to adequately protect themselves through personal insurance has created a huge market in the risk insurance space!

For any of you who have recently taken a sick day it’s almost impossible to watch TV without a life insurance advertisement coming on.

It’s bad enough that we have to be exposed to the horrors of such shows as ‘Ellen’ or ‘Oprah’ while we are recovering let alone tacky life insurance ads!

The bulk of these ads are created by the direct insurance providers who promote the process of quick & easy insurance.

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I Thought My Insurance Covered Me For That?

Attractive woman taking her sick husband's temperature

 

I would like to share with you a typical situation that I come across regularly working as a risk adviser in the industry.

There is nothing unusual about Mr & Mrs Jones.  Mr Jones is a self employed electrician while Mrs Jones is a stay at home mum, primarily involved with maintaining the home & looking after the children.

Mr Jones had noticed over the last couple of months that health-wise something wasn’t right.  He booked an appointment in with his GP who referred him on to a specialist for further tests.

Unfortunately a malignant cancer was detected & even though it was still at it’s early stages, treatment was necessary.

The doctor confirmed that there was a very good chance that he would recover, however he would need to spend at least 3 or 4 months away from work during the treatment & recovery phase.

This news provided some reassurance medically, however their thoughts were now focused on their situation financially.

Being the sole income earner & realising that they only had savings to assist them for about a week or two, how would they meet their financial obligations?

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Personal Insurance Or Move Back In With Your Parents, Which Will It Be?

Man whispering something shocking to his fiance

 

I’m sure my headline has attracted your attention however there is nothing fictional about the title!

There is no doubt that we all love our parents as they are usually always there to provide support when it’s needed most.  For many of us myself included, we have moved on & started our own lives.

Whether you are married or single it’s fair to say that you enjoy your independence or freedom to live your life either on your own or with your family.

Our independence & freedom are more or less controlled or determined by our financial capacity.  I think it’s fair to say that the higher our income the greater the choices we have.

That’s right things are going well, your business is making money, your children are doing well at school & you are able to go on that holiday each year.

Until Something happens.

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Do You Have A Mortgage? Young Children? Guess What, You Need Insurance!

happy family

 

If I had a dollar for each time the words ‘I don’t need personal insurance’ were mentioned, I would be relaxing on a tropical beach right now instead of writing this blog.

What scares me the most is that these words are coming from people who are financially responsible for their family or business!

It’s vital that we don’t associate a lack of enthusiasm or need for insurance with a genuine belief that it isn’t necessary!  The majority of the people that I come across as an adviser are educated & intelligent.

Even so, I find myself having to paint a picture of what can go wrong in order to convince them of the benefits of personal insurance.

Here’s an example.  Mr Smith, “I take it your income or ability to earn an income is important to you right now?”  “Well yes, I need my income in order to pay our bills & go on holiday each year”.

Mr Smith, “If you got hit by a bus tomorrow what would the financial impact be on your wife & children?”  “Well … am … I haven’t really thought about it”.

“Mrs Smith doesn’t work so I guess she would have to move in with her parents as the home would have to be sold.  Our parents may also have to look after the children as I assume my wife would have to look for a job!”

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Don’t Lose Your Life Insurance!

Angered casual woman

 

Did you know that hundreds of people each day in Australia are unintentionally cancelling their life insurance!

How is this possible?  This is occurring due to the popularity and growth of self managed super funds (SMSF’s).

An SMSF is basically a do it yourself superannuation fund that allows you to invest and save for retirement.

The purpose of an SMSF is no different to any other super fund however requires more of a hands on approach.

There is greater flexibility in relation to investing within your fund, however with this comes greater responsibility.

So what does all this have to do with losing your life insurance?

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