What is really going to happen to you and your family should either party have an accident or serious illness?
Quite simply you and your family may have to resort to:
• A meager standard of living
• Selling the family home and downsizing, renting, Government housing or moving in with relatives
• End to annual holidays, dinner at nice restaurants, tutoring for children and spending the remainder of your life having to deny yourself quality food, health treatment etc.
Why would this happen if I have a great job?
Well, many people assume they will be covered by workers compensation if they have an accident. However, the reality is, the greatest proportion of accidents are not work related. So, in the majority of cases you would not be able to rely on receiving this cover.
Centrelink Sickness benefit is approximately $400 per fortnight for singles and $365 per fortnight each for couples. If you are earning $3,000 – $4,000 per fortnight, the drop in living standard would be catastrophic and could result in losing the family home and any investments accumulated before the event. You would also need to be willing to take on work if available. This may mean not being able to resume your $100,000 per year job but having to rely on a much lower paying job.
It won’t happen to me.
In Australia insurance statistics are quite telling.
• At the age of 35 you are 10 times more likely to be disabled from an illness or injury than you are to die from it.
• 37.8% of foreclosures on houses are due to heart attack, cancer or stroke.
• 49% of the population eventually stop working, due to injury or illness.
• Every working Australian has a 1 in 3 chance of becoming disabled for more than 3 months before turning 65.
• On average 1 in 3 men and 1 in 4 women are likely to suffer some form of cancer during their lifetime.
• 45% of people with income protection insurance are $1,000 per month under insured.
• Only 13% of people are aware of the benefits of buying insurance through Superannuation or of the tax credits available to reduce the cost of income replacement insurance.
What can I do?
Simple. See FORSYTHS as soon as possible to discuss your present situation and how you can protect yourself from potential disaster.
Most people understandably have difficulty in understanding insurance terms. Most of us are not lawyers. Most people have difficulty in gathering unbiased information. If you start with a bank or insurance company then it is likely to be biased advice as they will start by having a product to sell to you and convincing you to purchase that product.
Do you really place the future happiness of you and your family in the hands of an online product advertised on the television? How does it compare with other products in costs and terms?
At FORSYTHS we will arrange for an independent broker in the insurance field to discuss your financial and personal situation and ascertain if you are covered 24 hours a day, 7 days a week, for the rest of your working life.
They will review your present cover to ensure it is still the best available. This should happen every 2-3 years, as a matter of course, as products change and often new products come available that are cheaper or offer increased benefits.
They will discuss their ideas with us so we can ensure they are acting in your best interest.