She'll Be Right Mate!
We all dream of winning the lottery, but we never consider dying young or having major health problems in our lives
. Why is it that people always look on the bright side of life?
I am amazed by the amount of people that seem to believe that nothing bad will ever happen to them.
This national optimism which is personified in the Australian expression "she'll be right mate" has some fairly alarming consequences when it comes to Australians and their attitude to insurance.
Many of us working in the insurance industry refer to an Epidemic of Underinsurance with large numbers of families and individuals significantly at risk when it comes to coping with the consequences of a partner's premature death or a long term illness preventing continuous employment.
Life is fragile and often unpredictable. Some people experience good fortune whilst others have nothing but bad luck happen in their lives.
You can reduce the financial problems which can occur to your family by implementing an appropriate insurance plan. Insurance will never replace a loved one, but it will reduce the finanical strain that can arise when someone dies too early or suffers a long term illness.
I have dealt with a number of people who are able to mourn their loved ones without feeling financial pressure, because life insurance has filled the gap. They have been able to maintain their lifestyle in a dignified manner and not had to downscale, go back to work, cut short a child's education or sell assets in order to live.
There have also been occasions where people have recieved income protection benefits who never expected they would need to claim. The most bizarre case that I can recall was an emergency services officer who called to apologise that he was cancelling his policy as he could no longer afford to pay the premium. He told me he had already used up his sick leave and annual leave and was going to resign and go onto welfare payments. I informed him that he had an income protection policy which would provide him with 75% of his income and that he would probably be successful in a claim. I arranged the claim, and the client received benefits for a year then returned to work - a victory for insurance and a reinforcement to me of the value that an insurance program can be to a client and how it can change their lives.
Whilst we cannot live our lives in a cocoon to avoid risk, we should sit down and seriously identify and quantify the financial consequences of a long term illness that may prevent or curtail our earning capacity. Likewise we need to determine what are the consequences of our own or our partners premature death or major health trauma.
As one of the widows I deal with so succinctly expressed - "I know he loved me because he struggled to keep up the payments on the insurance, which has meant that I don't have to struggle now".
Talk to your insurance adviser and explore some of the "what if's" rather than chancing your families hand in life's lotteries.
by: Jacqui Chase
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