is married to Matt, an engineer, and they
have two children, aged eight and six.
In the initial meeting with her insurance
adviser, Eleanor discussed how difficult
it was to consider what she would do if
diagnosed with a serious disease or injury,
but there were a number of scenarios she
was sure of. Eleanor knew that if she had
to go through treatment for cancer, she
wanted Matt to be able to care for her
and the children. She also said if she was
diagnosed with a degenerative disease
such multiple sclerosis, she would want to
change her priorities, step away from work
and focus on her wellbeing.
her income for two years (her income
protection policy would provide the other
75% if she had to take time off work).
They also calculated a lump sum for
medical care and enough to pay off
Eleanor and Matt's mortgage. While paying
off the mortgage was not a specified need,
the ability to do this would allow either
Eleanor or Matt to cease working.
protection plan has given Eleanor and
Matt confidence that they are prepared
for the unexpected.
motor neurone disease, would you need and/
or prefer your partner to take some time out
of the workforce to look after you and
your family?
can make an enormous difference.
the cost of having access to the best medical
care available. You should consider the
cost of treatment, potential travel and
accommodation, along with ongoing therapy.
It can be difficult to quantify how much
could be required. In a report commissioned
by the Cancer Council of NSW and produced
by Access Economics, the cost of treatment
and loss of productivity from cancer was
estimated at hundreds of thousands of
dollars (Cost of Cancer in NSW http://
www.cancercouncil.com.au/wp-content/
uploads/2010/11/costofcancer_summary.pdf).
recovery. Whether this means physiotherapy,
wellness services, counseling or alternative
medicine, your plan needs to include an
amount to fund your recovery.
changes you may like to make to your life.
Will you still have the same drive to return
to work? Your priorities could change, and
planning for this can give you the ability to
reduce your hours or cease work entirely. If
you're working towards retirement, you may
wish to bring this date forward. Your adviser
can discuss how these objectives can be
achieved, such as through replacing income
or reducing debt, so less income is required.
cover than life or permanent-disability
insurance. Spending time with your adviser
to talk through your personal situation
and plan for your individual needs is an
important step in making sure you have the
right level of cover in place.
feature will look at
policy features and
structural issues to
be aware of when
considering trauma
cover.