Easing the Financial pain of Critical Illness
Taking time to talk
It seems like there’s always time to talk about the little things in life, but discussing the big issues is never as easy.
If you think about what’s really important to you -family, security and your way of life - you realise the need to keep them safe.
Illness isn’t a subject anyone likes to dwell on but the unfortunate reality is you or someone close to you will be critically ill at some stage.
The financial cost of this is something you can avoid. Research shows living expenses during a time of critical illness can be about $80,000 a year, not including the cost of medical treatment and rehabilitation.
For many people, the scenario gets worse as their illness prevents them from working and they lose their income, then their savings and investments. But it doesn’t have to be this way.
Did you know?
Did you know that for around $3 a day, you could cover the premium for Critical Illness insurance and rest assured your family is protected?
As an added benefit, one Austalian insurance product provider now also gives you and your immediate family exclusive access to the unique medical advice service by Best Doctors, at no additional cost.
Easing the financial pain
Many people aren’t aware you can insure yourself against critical illness.
Critical Illness (CI) insurance provides a lump sum if you become critically ill so you can pay your mortgage or anything else that needs funding. It takes away the financial pressure so you can concentrate on getting better.
But CI insurance isn’t just about financial protection, some policies now include access to Best Doctors, a worldwide network of medical experts that consult with you and your doctor on your diagnosis and treatment.
What is Best Doctors?
Best Doctors was established to achieve one specific goal; to connect ill people to a network of
peer-nominated, leading specialists from around the world. They can provide confidence, clarity and certainty in diagnosis and treatment plans.
With such a Critical Illness solution, you know you and your family will not only be financially secure but, through Best Doctors, you’ll have access to some of the best medical knowledge.
Elizabeth’s story
Elizabeth Gould knows the value of critical illness cover.
The mother of two children was diagnosed with breast cancer in her late thirties and had a double mastectomy.
Dealing with this illness was emotionally and physically tough for Elizabeth, but given she had CI insurance, the financial strain was significantly lessened.
“I think one of the first times I got upset was when I received the bill for my mastectomy,” Elizabeth said.
“It was an operation that costs thousands and the Medicare component was hundreds. I was such a long way out of pocket but I had great cover. I remember thinking, I never wanted to have cancer and now I’ve paid so much money to fight it.”
While it’s not something anyone wants to think about, Elizabeth’s grateful she took the time and initiative to plan for the unexpected.
“You don’t see cancer coming. There was no medical history in my family and I was only 38 when I was diagnosed,” she said.
“If you think there’s always time to take out insurance later on, then it’s already too late.
“Imagine never being able to work again because of illness or accident and then ask how you would support your family. If you can, then you have enough insurance.”
Finding out how to protect your family’s future with insurance doesn’t have to be difficult or expensive.
Having the right insurance cover can be simple and cost-effective, allowing you to get on with enjoying life, because you no longer have to worry about what might happen tomorrow.
Talk to your financial planner for more information on CI insurance and how it can help you.
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Dan Smith is self employed and is for many families their trusted Financial Planner based in Rockhampton. He has clients in various locations throughout Australia but predominately in Central Queensland and specifically the geographic area encompassed by the Rockhampton Regional Council.