All posts in Personal Insurance

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

 

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!

 

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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Trauma Insurance ….. The New Life Insurance!

 

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!

 

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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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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The True Value Of Trauma Insurance!

 

If you haven’t caught on by now through some of my previous articles, this blog should highlight the fact that I am a true advocate of trauma insurance.

Apart from it’s simplicity, my main motivation to promote and recommend the cover unfortunately stems from the high likelihood of a traumatic event occurring.

Let’s face it, nobody likes to think about serious illness or injury let alone experience it however it can happen to anyone of us at anytime!

I try to educate my own clients stressing the fact that if a heart attack or cancer has been booked in for you over the next year or so, there is nothing you can do about it.

Obviously you would rather avoid a traumatic event than benefit from it financially, however if it’s going to happen anyway you may as well be compensated for your troubles!

I’d like to share a real life experience with one of my own clients that will highlight the value of trauma insurance.

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Would You Rather Lose Your Home Or Your Mortgage After A Serious Illness?

 

I know it’s a powerful statement however unfortunately for many of us, we don’t get to choose.

This is because we fail to envisage a scenario of a serious illness occurring or prefer not to think about it.  Either way it’s too late once the event has occurred leading to a number of issues, both personal and financial.

If you elect to avoid the topic or the possibility that you yourself may be affected, then chances are you have not properly prepared yourself against a serious illness.

By preparation I mean financially as a serious illness not only impacts the individual but the whole family as well!

As I’ve mentioned before a serious illness or injury first affects you emotionally and then financially.  Cancer and heart disease unfortunately account for the bulk of all serious illnesses in Australia.

Even though diagnosis rates are as high as they have ever been, so too are survival rates.  In fact survival rates after diagnosis are constantly increasing due to advances in medical technology.

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Have You Thought About Accident Only Insurance?

 

Accident only insurance is personal insurance that offers financial protection against serious injury or accidental death.  There are two types of policies available being accidental death cover and accident only income protection cover.

As a community we tend to spend more time worrying about serious illness and the impact it would have on our lifestyle.  This concern is justified as heart disease and cancer account for the majority of deaths relating to illness in Australia.

Physical disabilities although less severe still cause financial worries to those affected.  One in six men and one in four women will be temporarily disabled for at least six months between the age of 35 and 65.

Another worrying concern is that more than 50% of accidents or injuries sustained occur outside of work, so those affected are ineligible for workers compensation entitlements.

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Everything You Need To Know About Income Protection Insurance!

 

The take up rate for income protection insurance in Australia is very low.  About 25% of working Australians have some form of cover so only one in four people think it’s important to financially protect their income.

I have found that there seems to be some confusion in relation to the different policies available in the market.  ‘Income protection cover’ & ‘personal sickness & accident cover’ are two different policies.

Income protection is offered by the life insurers & offers the best possible cover which cannot be cancelled by the insurer.

Personal sickness & accident cover is usually offered by the general insurers & is more of a basic cover better suited for the short term, which may be cancelled by the insurer.

Income protection insurance is probably the most complex of all the covers offered due to the number of different options available.

I have outlined in detail below the important components that make up a policy, in order for you to be able to make an informed decision.

I have found through my experiences that once a person better understands how the cover works the more likely they are to consider the cover & therefore financially protect themselves.

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Ten Things You Probably Didn’t Know About Trauma Insurance!

 

Trauma or critical illness insurance is relatively new in comparison to the other life risk products available on the market.

In saying that life insurers have been offering the cover for several decades, however most people have very little knowledge about trauma cover and how it works.

Trauma insurance is always high on my priority list with my own clients due to the simplicity and affordability of the cover.

My main motivation however to promote the cover unfortunately relates to the high likelihood of a traumatic event occurring in our lifetime!

Here are 10 interesting facts in relation to trauma or critical illness insurance.

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