Click on one of these links below to go to the particular article, or contact us for further information.
- Did you know that only 1 in 5 women is insured?
- Why does Dianne Hadley believe passionately in trauma insurance?
- Underinsurance is not good business!
1. Did you know that only one in five women is insured? |
Back to top |
This is obviously not a true representation of what women are worth - considering their true value is not just at work but even more importantly in the home.
Despite women now making up 45% of the workforce and they now earn 92% of male salaries, only 1 in 5 of all women are sufficiently insured for loss of their income. Given that statistically women outlive men by at least 10 to 15 years it doesn't make any sense that 4 out of 5 are not adequately insured. It is equally important for all families to minimise the risk of suffering extreme financial hardship should the wife or mother suffer a serious illness or even death.
By purchasing a trauma insurance policy a lump sum will be paid out on diagnosis of a critical illness such as cancer, heart attack or stroke. Actually, there are round about 50 recognised illnesses that are covered, depending on the trauma policy chosen.
While this payout won't get rid of the anguish surrounding the diagnosis, depending on the sum insured, it could assist with lost income, the costs associated with any treatment and even reduce or eliminate debt.
Interestingly, the Cancer Council of NSW estimates that women who are diagnosed with breast cancer can expect to incur more than $40,000 in lost productivity and other out-of-pocket expenses during their period of treatment.
Consider the impact this will have on the mortgage, regular bills including, gas, electricity, and phone bills, not to mention the groceries. There will be no disposable income for a household without adequate trauma insurance or income protection.
Let's now think about the real cost of insurance.
As an example, consider a 34 year old female office worker who earns $50,000 per annum.
If she purchases -
- a life policy to cover her mortgage and other debts to a total of $500,000, which also includes
- $250,000 trauma cover
Her total annual premium would be approximately $900.00*, or only as little as $2.47 per day; that's less than the cost of your daily cafe latte or cappuccino! For an outlay of less than $2.50 per day you could get a massive return on your investment, if in the unlikely event you were required to make a claim during the first year. That's a very small price to pay for your peace of mind.
And if you were diagnosed with a critical illness, what would you rather lose - your home or your mortgage?
*(Source: Asteron Life Limited: based on a non-smoker taking out Life and Recovery Plus (death and trauma) with a stepped premium, paid annually.)
2. Why does Dianne Hadley believe passionately in trauma insurance? |
Back to top |
Because she's been there, done that and even got the scar to show for it!
At the young age of 42 Dianne was diagnosed with breast cancer and despite that, she considered herself extremely lucky to have been diagnosed at such an early stage.
The imaging of her left breast indicated that the lump she had found was not thought to be cancerous. However, Dianne didn't like the idea of a lump in her body and so she had her surgeon remove it. The biopsy on the lump after its removal showed that it was cancerous.
What a shock for her and her family!
As a result of this she immediately had a Lumpectomy, (that's the removal of tissue around the site of the lump) followed by a course of radiotherapy on her breast. Having been in the life insurance industry for a number of years at that time, Dianne was very fortunate to have adequate trauma insurance. She had taken it out because her mother had died of a heart attack and her father had suffered a stroke and unfortunately later died of cancer.
What did the lump sum payment provide for Dianne in the way of peace of mind?
It provided her with a number of excellent opportunities:
- The option to take time out from her business to recuperate.
- Sufficient funds to employ a competent personal assistant to take much of the workload off Dianne when she eventually returned to work.
- Having the trauma payment, in addition to her income protection payments, meant that her family didn't need to suffer financially. That was a rather fortunate thing as both her sons were attending a private school at the time.
All Dianne had to concentrate on was getting better; free of any financial worries.
What would it take to get you to seriously think about ensuring your peace of mind with adequate trauma insurance and income protection?
Unfortunately, the reality is Dianne is just one of many younger women who will be diagnosed with breast cancer every year.
The McGrath Foundation
Established in 2005 by Jane McGrath and her cricketing husband Glenn, the McGrath Foundation aims to both raise money to place breast care nurses in rural and regional areas across Australia and to educate young women of the importance of being breast aware.
Jane was only 31 when she was first diagnosed with breast cancer but it wasn’t until she was re-diagnosed in 2003 that she first had access to a breast care nurse – an experience that changed the way she and Glenn managed the cancer greatly. Not only was the breast care nurse the one person who could provide the answers to many of her medical questions but also provided Jane with the support she needed to unload her frustrations and emotions.
For more information on the McGrath Foundation or to make a donation please visit the website now at:www.mcgrathfoundation.com.au.
Cancer Council of Australia
If you want more information or to see how you can help with support, hope and research visit the Cancer Council Australia website at: www.cancer.org.au.
3. Underinsurance is not good business! |
Back to top |
You wouldn't insure your family home for only a fraction of its replacement cost!
So why would you underinsure your own life or your business?
Underinsurance in business in Australia is so wide spread that a large percentage of all businesses could suffer real financial hardship with many even facing bankruptcy or closure. Actually, much of this is because they either have inadequate insurance or they have completely the wrong type of cover.
In many cases it's not entirely their fault. Often it's because they haven't sought or have never been given properly qualified and professional advice on how best to manage their business risk. And do you know, what's even worse is that some businesses are operating with absolutely no cover at all.
Did you know?
- That 3 out 4 business owners don't have income protection, even though the premium is tax deductible.
- Even less than that have business expenses insurance. Once again this is also tax deductible.
- This means that only 1 in 4 business owners could be expected to maintain their business operations and current lifestyle for more than six months if they suffered a serious illness or injury.
Source: IFSA Research, November, 2006
Let's have a look at some basic facts
1 in 6 men and 1 in 4 women between the ages of 35 and 65 years will suffer some form of disability that will result in six months or more away from work
Once a person reaches 40 years of age, the risk of developing heart disease is 1 in 2 for men and 1 in 3 for women.
That's staggering!
Just contemplate this for a moment. Don't think that it only happens to other people because our clients are ordinary business owners and operators just like you. And they too can be affected by various debilitating illnesses and injuries.
The really great news, though, is that Dianne Hadley can help you determine the right mix of cover to suit your business and lifestyle protection.
Who needs business protection?
All businesses need adequate business protection, particularly -
- Those who have significant business debts or liabilities,
- Those who are wishing to retire in the near future,
- If they have key personnel who are critical to operations of the business, and
- They are relying on the equity in the business to fund their retirement
When do you need to assess your business needs?
Every business owner should schedule an annual review of their business and personal insurance needs. A more regular review should be undertaken particularly when things change and during key stages during your lives, such as -
- Getting married
- The birth of children
- Buying a house
- Arranging a mortgage or a loan or
- Establishing or changing your business
There is no better time to reassess your circumstances than when you carryout your annual business planning review.
Dianne can help you to minimise your risk because she is experienced in providing professional advice and service on the right type and level of coverage to suit your business and lifestyle needs.
In summary
Too many businesses have inadequate cover to meet the many contingencies that may result from the untimely illnesses and injury. Please ensure that you are not one of them.
More importantly, don't let your family suffer unnecessarily if these inopportune events hit you or your business.
Adequate and the appropriate cover will provide you with peace of mind that your business and lifestyle will be maintained should anything unpleasant happen.
If you're not sure if you have adequate business and lifestyle protection then contact Dianne Hadley at TLC Risk Management today.
For an obligation free assessment of your business cover, contact Dianne now on
03 9589 5844 or dihadley@tlcrisk.com.au.
Contact us |
Back to top |
To find out more how TLC Risk Management can minimise your risk,
contact Dianne Hadley now on 03 9589 5844 or dihadley@tlcrisk.com.au.
- Financial Services Guide - 337 KB
- Trauma payout to the rescue - 57 KB