All posts in Health & Lifestyle

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

 

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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What Is Medical Underwriting?

 

You have just applied for some life or income protection insurance and you have been advised that your application will undergo an underwriting assessment.

What does that mean in plain English?

Every risk insurance application needs to go through an underwriting process.  Medical underwriting is basically an assessment of your overall health.

Personal risk insurance is all about financial protection against serious illness, injury or premature death.  Seeing that you are insuring yourself against these events the life insurers need to assess your medical risks.

There are three possible outcomes when applying for personal risk insurance.

You can be accepted instantly at standard rates, you can be referred to underwriting for further assessment or you can be declined for cover for medical reasons.

There are different steps involved in the process depending on your medical disclosures or overall health.

In the first instance the underwriter will try to make direct contact with the applicant to further elaborate on the medical information disclosed.

If the underwriter is unable to gather sufficient information from the applicant a brief medical report will be requested from the applicants regular GP or Doctor.

If further information is still needed then additional tests will be required to assist the underwriters with their decision.

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Australia’s Health Risk!

 

There is no doubt that Australia is the lucky country!  We really have very little to complain about in comparison to many other countries in the world.

As with most western societies our lifestyle can be envied however caution needs to be exercised as our society is changing.  Changes are occurring that are directly affecting our overall health.

There are a number of factors that are contributing to these health issues including a decline in physical activities, poor diet and increased working hours.

A combination of one or more of the above factors has lead to an obesity issue in this country.  As mentioned in one of my previous articles ‘How does your body mass index (BMI) affect your personal insurance?‘ obesity leads to an increased risk of cancer, heart disease and diabetes!

Australian health studies have been undertaken to try and highlight the trends that have lead to this serious health problem.  The only real positive that came from the studies was that smoking rates among Australians have declined, so people are slowly starting to get the message.

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How Does Your Body Mass Index (BMI) Affect Your Personal Insurance?

 

Your BMI is basically a measure of your body fat based on your height & weight.

When applying for personal insurance your height & weight are taken into consideration by the life insurers as part of their overall assessment.

Your BMI is used in conjunction with your medical history to give the insurance underwriters an indication of the level of risk being taken on for the type & level of cover being applied for.

How do we calculate BMI?

It’s basically your weight in kilograms divided by your height in meters squared.  For example, if you weigh 76kg & are 175cm’s tall, the calculation would be:

76 divided by 3.0625 (1.75 x 1.75) = 24.8

The chart below will give you an indication of the different weight ranges.

Less than 20                    Underweight

Between 20-25                Normal

Between 25-30                Overweight

Above 30                           Obese

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Is It Time To Protect Your Retirement Plans?

 

This year the first of Australia’s 4.2 million baby boomers will be turning 65, with many of them considering retirement.

After several decades of hard work and dedicated investment and savings, many have planned for a relaxing and comfortable lifestyle in retirement.

Nearly all baby boomers have children of their own who as adults are working, raising children and trying to maintain their financial commitments as their parents did.

Times have changed however as there are some notable differences with raising a family today when compared to the baby boomer era.

The main difference relates to a considerable increase in the cost if living.

This has mainly been due to the sharp increase in housing prices over the last 10-15 years, leading to almost unsustainable mortgage debt.

When you combine this debt pressure with an increase in the cost of living, including the cost of education, it has become common practice for both parents to be involved in the work force.

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Financially Protect Your Most Important Thing … Your Children!

 

The purpose of personal insurance is to provide financial assistance and peace of mind, not only to the life insured but also their family.

Despite the obvious benefits personal insurance provides, the general community still seems reluctant to organise or consider cover for themselves or their family!

The financial struggle that occurs once a person becomes seriously ill, injured or dies prematurely can be envisaged.

What is less obvious is the impact, both psychological and financial that parental death has on a child or children!

Over the years several studies have been undertaken on children who have lost a parent to determine any behavioural changes caused by the death.

A pattern which was consistent with the research conducted was an increased diagnosis of mental illness on the children affected, including clinical depression, anxiety and panic attacks.

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