INSURANCE
The Following is a True Story..
By Graham Pascoe, CEO and Co-founder, Financial 3
Many years ago, my best friend, Stumpy, was diagnosed with cancer at age 35. His kids were 5 and 2 years old. They idolised their Dad because he gave them so much of his time; playing with them all the time and taking them for long walks.
You would have loved watching them together.
Stumpy was the type of guy who always had a smile and he made you feel good just by being around him.
The day he was diagnosed, he drove straight from the specialist to see me and he said somethingvery much like this; “Mate, I’ve just been diagnosed with cancer and they’ve given me 2 months (to live). How much insurance do I have again?”
For years before this I had argued with him to get his insurance up to date.
When he asked me I said; “You only have $120,000 of Life insurance mate.”
Stumpy could have afforded a lot more insurance but he didn’t see the importance at the time.
I knew it wasn’t anywhere near enough to look after his family, pay the mortgage and fund the kids’education if something ever happened to him.
He died 6 months later...
Now, here is the thing that people rarely think about. Not only did his kids lose their Dad, but they lost their Mum to full time work as well (please read that again).
So that’s the reason why it’s vital to have appropriate super and insurance in place, otherwise your Financial House can come crashing down very quickly.
You work hard to build your wealth, provide for your family and protect them.
So, what’s your back-up plan if something happens to you? How will you keep your household or livelihood operating if you suffer a serious injury or illness?
The right insurance is an essential part of your Wealth Creation Plan. And after all your hard work, you don’t want to put your family in serious financial difficulty.
It can be time consuming and confusing to research and decide on appropriate cover for your personal situation. That’s where we can help.
We’ll look at ways to save you money, with quality insurance and do all the legwork and research for you to bring you peace of mind that you, your loved ones and your assets are protected.
Personal Insurance include:
- Life Insurance – In the event of your death, your beneficiaries (spouse, children, business partners) will receive a lump sum payment to cover loans and debts you may have, as well as helping your family to still have the lifestyle they planned for when you’re no longer around.
- Total and Permanent Disability (TPD) – Pays a lump sum in the event you become totally and permanently disabled and are unlikely to work again. It can provide financial assistance to help you meet rehabilitation and associated costs. It can also be used to cover living expenses.
- Trauma Insurance – If you are diagnosed with or suffer a serious medical condition or life threatening illness you will receive a lump sum payment, enabling you to concentrate on your recovery.
- Income Protection – Designed to protect your lifestyle, assets and independence if you suffer illness or injury by providing you with a monthly payment of up to 75% of your income while you are unable to work.
- Key Person Business Cover – If the key person in your business is unable to work due to unforeseen circumstances, Key Person Insurance can provide Life/TPD/Trauma, Business Expenses and Income Protection cover to ensure your business can keep moving until they recover or can be replaced.
- Children’s Cover – No parent likes to even think anything bad could happen to their children, however, many young children each year are diagnosed with serious medical conditions, and some tragically lose their lives through accidents or illness. Children’s Insurance can help ease the financial impact of such events and in some cases it could give your child a better chance of survival and quality of life.