It is a startling fact that Australians place more value on their possessions than their own lives. Research carried out on behalf of the Association of Financial Advisers (AFA) confirms this incredible statement with 44% of over 700 survey respondents having home and contents insurance compared to just 18% who have insured their life.
Compare those statistics to how often Australians suffer a major sickness:
- every ten minutes, someone has a stroke;
- every eleven minutes, someone has a heart attack;
- one-third of women and one-quarter of men are diagnosed with cancer at some point during their life.
When you look at it like that you can clearly see why so many people experience serious financial stress when they get sick – but does it have to be that way for you?
South African heart surgeon Dr Marius Barnard pioneered the idea of trauma insurance when he regularly witnessed his patients’ families struggling with medical costs. The first policies were offered here in the 1980s. Put simply, trauma insurance pays a lump sum on diagnosis of one of a list of specific health conditions.
The key difference between this insurance and other types of life cover is that the payment is designed to support you and your family as you recover. Knowing that your financial commitments will be met will allow you to focus on getting the right treatment for your illness, giving you a better chance of beating it.
Also, unlike income protection insurance, you don’t need to be in the workforce to be eligible for trauma insurance. You can even take out cover for your children in case they suffer a major illness.
If you are one of the many Australians who place possessions before health and happiness, maybe it’s time to review that decision. Don’t risk everything you have achieved in life because you haven’t insured your most precious asset – you. Give us a call and we’ll help you find the most appropriate cover for you and your family.
Watch this Video where Simon Hall recounts his story of surviving a heart attack. Being young, fit and healthy doesn’t mean it can’t happen to you.
“Risking Everything”, AFA White Paper, June 2011 produced by CoreData for the Association of Financial Advisers.
National Hearth Foundation of Australia, Heart Attack Facts, www.heartattackfacts.org.au
Stroke Foundation, Facts, Figures & Stats, www.strokefoundation.com.au
Cancer Council: Cancer in Australia: an overview, 2008 Australian Institute of Health and Welfare (published December 2008). www.cancer.org.au
http://en.wikipedia.org/wiki/ Marius Barnard (surgeon)