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By Wayne Lennan 08 Dec, 2017
The Cost Of Saving A Life...

A recent article in the newspaper talked about the high cost of undergoing medical treatments to save lives.

David and Jennifer Webster's son, Matthew,  was diagnosed with a rare cancer and they did not think twice about spending their life savings, cashing in their superannuation and mortgaging the family home to get him the treatment he needed.
"After all, broke is better than heartbroken"

Matthew underwent various cycles of Radiotherapy and Chemotherapy that failed, but then his parents found a German clinic that specialised in his type of cancer.
They mortgaged their house, cashed in superannuation and have estimated that the treatment has cost them $800,000.
But it doesn't stop there.... Matthew will have to have continual ongoing treatment to survive...

The cost of saving one's life is a huge burden on the family.

QUESTION:   If you had to decide to continue the cost of your treatment knowing that you would leave your family in debt if you died... would you continue the treatment???

As in the article, one man decided not to continue treatment because he didn't want to leave his wife and family penniless...  HE DIED!!

TRAUMA INSURANCE CAN PAY OUT A LUMP SUM SO YOU CAN GET THE TREATMENT WITHOUT HAVING TO MAKE THAT CHOICE...


By Wayne Lennan 23 Nov, 2017
There are two important forms of insurance:  Income Protection and Total & Permanent Disablement cover.
Both of these insurance forms can cover the same event in some cases.  However, it could be wrong to say that you only need one or the other.  These two insurance coverages can work well together.

Income Protection Insurance

 - is designed to protect you if you were unable to work due to injury or illness.  This insurance can cover up to 75% of your income up to age 65, depending on how long you are off work.

Total & Permanent Disablement Insurance   (TPD) - is designed to protect you in the event of total and permanent inability to work due to injury or illness.  Unlike income protection insurance that pays on a monthly basis, the total & permanent disablement insurance pays a single lump sum.
 
Working Together 

- If you were to suffer an injury or serious illness, it may take months or even years before the doctor can finally declare you unfit to work.  The TPD insurance policy will only payout when the doctor gives his or her opinion that you can never return to work.  Because of this, you may wait for a number of years to get the insurance money.

This is where the income protection insurance can work for you. It can cover the period that you cannot work while waiting for the doctor's diagnosis.

Give me a call to discuss this further....

By Wayne Lennan 16 Nov, 2017
Just recently there was a story on 60 Minutes of a young lady who had died from Melanoma.
She had been told by two different doctors that there was nothing wrong with the "spot" that was on her skin.
If intuition tells you that there is something wrong, ask for a third or fourth opinion.  
This could have saved this young girl's life.
It is important to have skin checks regularly.

Have a listen to Jay's Story here   https://www.youtube.com/watch?v=NneESWrc3Tk&t=1s  and understand the importance of a Financial Adviser.

Trauma and Income Protection insurance are valuable types of insurance that can help you pay bills when you cannot be at work.

If you do not have Trauma or Income Protection insurance, or a Financial Adviser, give me a call.


By Wayne Lennan 18 Oct, 2017
Relationships pay the loss as financial pressures are on the rise!

The majority of financial stress is caused by lack of money when one partner becomes sick or injured.

Women are more financially vulnerable than men but are much less likely to take out Income Protection Insurance.  

Most people don't think twice about insuring their homes or cars, however they don't extend this diligence to insuring their income, which could easily be worth more than $1 million over their working life.

"We all feel infallible until something happens to us, a family member or close friend", but..... by then it could be too late to take out insurance.

How would you survive the financial pressures if you or your partner were unable to work due to sickness or injury?

A good way to prevent this stress is to make sure both of your incomes are insured, to enable your mortgage, bills, medical treatments etc to still be paid, whilst unable to work.

By Wayne Lennan 21 Sep, 2017
If you are a man over 40, you owe it to your family to have a Prostate check up!!

"1 in 5" men will be diagnosed with Prostate Cancer and if your father had it your odds are higher and if your grandfather had it, the chances are even higher .... "1 in 2"

So please get yourself checked !!!

Medical experts aren't afraid of the most commonly diagnosed cancer facing Australian Men - and you shouldn't be either...

Early detection remains the top priority for Prostate Cancer, but 40% of men fail to book in for an annual check up.

Staying vigilant is the key when it comes to tackling Prostate Cancer and, combined with the right research, it's a disease that experts believe will soon no longer be something that men die from, but something they live through.

Fast Facts:  Here's a few facts about finding, treating and recovering from Prostate Cancer

Get Screened -  Current guidelines recommend you discuss screening options, such as the PSA with your doctor from the age of 40, or sooner if you have a family history of Prostate Cancer.

Choose Your Treatment - Options Vary...  Talk it over with your family and doctor and decide what best suits your situation.

Rest and Recover - Recovery times differ, but you can help your body recuperate by eating nourishing foods such as vegetables and wholegrains.  Physical activity can also reduce feelings of fatigue.

Ask for Help - Experiencing cancer is an emotional time for everyone involved.  If you or your partner need assistance call the Cancer Council for advice or information on local support groups.


By Wayne Lennan 08 Sep, 2017
The idea behind Trauma Insurance is to allow you to pay for the cost for treatment of a serious illness.

As this article from the Newcastle Herald explains, Ben has to travel to Japan for treatment... 
http://www.theherald.com.au/story/4878839/ben-on-wing-and-a-prayer/

Trauma Insurance would pay for this cost without the need of financial stress or needing to set up a "Go Fund Me" page.

These are just a couple of headings in the newspaper headlines lately, describing the cost of treatments:

        "How Fighting Cancer has Cost My Life Savings"

        "Price of Life is $120,000"

        "Cure for MS you can't get in Australia"


By Wayne Lennan 25 Aug, 2017

I was listening to a member of Parliament who is looking into the increasing rates of suicide, and one reason he put forward for the increase, is due to changes in Workers Compensation.

He believes because worker's  are now not getting the same compensation when injured at work, this is causing financial stress and insecurity in families, and leading to an increase in the rate of suicides.

FINANCIAL STRESS IS A KNOWN CAUSE OF SUICIDE!!!

And that stress can be related to losing your job because of a sickness or accident.

Have a read of this article from the Sydney Morning Herald about thousands of injured workers facing the loss of their compensation benefits http://bit.ly/2iLcSbO

Having a good financial safety net (ie Income Protection or Trauma Insurance) could help prevent financial stress.

If you haven't got that financial security plan, give me a call and let's get a plan in place or we can review your current plan.

By Wayne Lennan 18 Aug, 2017

If you follow the news about North Korea you might think we're living under imminent threat of catastrophe.

But don't throw all your energy into building a bunker – many Australians are sitting on a potential domestic disaster that has nothing to do with communist missiles.

I'm talking about what happens if the breadwinner of the house – or one of them – is taken out of the equation. Death is the worst scenario but losing the income of a breadwinner might also occur because of an injury or an illness or even an extended period of having to care for a loved one.

I know this is not a fashionable finance topic, but it's a realistic one. It's also a contingency that households can prepare for if they acknowledge the risk early and prepare.

Here's a few tips:

· Information: start with an honest appraisal of how much your earnings are worth to the household. Calculate the monthly cost of mortgages, car loans and schools fees that are supported by your income.

· Savings: how will you cover the sudden loss of that income, even if it's temporary? The rule of thumb is to have the equivalent of three months' salary in savings. You could use an online savings account or a term deposit, a share portfolio or managed fund to do this. But your earnings will be taxed. So consider the alternative …

· Mortgage: get ahead on your home loan repayments by the equivalent of three months' salary and you build a safety net for your earnings as well as reducing the interest you pay. And it's tax-free. Just ensure your loan allows redraw or offset.

· Life insurance: if you're a breadwinner in the household, you should have a death benefit cover to at least the amount of your debts – ideally you need extra to help with all the costs of dying. Even if you're the carer, not the earner, you may need it. Who would look after the kids while the breadwinner works? How would you pay for this?

· Injury and illness: you also need total and permanent disablement (TPD) insurance for an incident that leaves you disabled; and trauma insurance for terminal diseases.

· Income protection: and for injuries that are not TPD, and illnesses that are not terminal, you need income protection insurance to keep some income rolling in if you're laid-up.

· Will: you can use a solicitor or any number of financial advisory and online services. However you do it, get your will done and save everyone a headache.

· Nominations: to ensure the right person can access your superannuation, sign the binding nomination section of your super account. Ensure you have a medical power of attorney.

And remember: if you're covered by superannuation life insurance, find out exactly what you're covered for and how much.

And talk to your family: simple things such as the combination to your safe, the whereabouts of your personal papers and access information for your bank accounts etc.

And always get advice – not only for expert insight, but to ensure you're not overpaying for protection.

Breadwinners have to do a lot of unglamorous yet important things, and providing for loved ones is the most important of all.

 

(Mark Bouris    -  Money 17th August, 2017)

By Wayne Lennan 10 Aug, 2017

Why My State Of Health Is A Giant Red Flag To Insurers

The need to get insurance early while you’re young, fit and relatively healthy!

The attached article describes how insurance companies are requiring more and more information for you to get insurance... http://www.smh.com.au/business/good-finance-advice/the-sting-of-being-priced-out-of-life-insurance-20170803-gxos9i.html  

The more health problems you have, the harder it is to get insurance or the insurance company will charge you an extra premium as a loading.

If you are thinking of insurance, don’t put it off until the last minute, eg have kids, buying a house etc because before you get there you might injure your back, get diagnosed with a health issue such as high cholesterol, Diabetes or find out you have a family history of a medical condition.

All of these things will make it difficult to get insurance when you need it!

 

By Wayne Lennan 02 Aug, 2017

WHEN DID YOU LAST REVIEW YOUR INSURANCE POLICIES?

 

Situations change over time - Divorce, More Children, New Partner, Increase or Decrease of Debt, Occupation, Company Ownership, Health, Smoking Status, Sports and the list goes on.

 

It is important to have insurance policies in place, however it is just as important to have the right documentation to go along with it, so the right people get the right amount of money at the right time.

 

That’s why you have an Insurance Adviser to make sure it happens the way you want it too.

 

If you have been paying for insurance policies for a long time it may be a good idea to re-visit them, because circumstances could have changed.

 

This article from the Newcastle Morning Herald is a good example of what could go wrong...  http://www.theherald.com.au/story/4790240/business-v-the-family/  

 

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