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Your home or your mortgage? October 2, 2012

Posted by Meike Suggars in Personal Insurance, Trauma Insurance.
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Of course we’re all invincible and “it won’t happen to me”. But with statistics showing cardiovascular disease kills one Australian every 24 minutes (ABS reported ischaemic heart diseases were the cause of death for 21708 people Aust in 2010) and cancer rates at 1 in 3, it happens to someone.

Thankfully, medical advances and earlier detection mean chances of survival are also increasing.

But surviving an illness like this can be devastating both physically and emotionally, with huge changes to lifestyle often required. Perhaps a new career, or part-time hours? Or maybe even early retirement.

These changes often incur expenses in addition to the cost of medical care and rehabilitation. Getting stressed because you’re struggling to pay bills or cover mortgage repayments is hardly going to help you on your way to recovery and may even trigger a relapse. Imagine not being able to afford to survive!

Home Sweet Home

As Dr Marius Barnard said “medically you may or will survive [a traumatic illness], but FINANCIALLY you may die”.

Who’s Dr Barnard? He’s the guy that invented critical illness (aka trauma) insurance. Trauma is the link in your financial safety net that protects your financial security in an instance like this. You receive a lump sum of emergency cash to spend how you need to so you can just focus on recovery without worrying what it will cost you financially.

If you’re aged 15-63 you’re eligible for this cover and it doesn’t matter whether you’re working or not so it’s a great one for stay-at-home parents. And if you’ve got a family history of cancer or heart disease, then you should definitely find out more about trauma insurance.

Talk to your financial adviser or call Suggars & Associates to find out more.

The advice in this article is of a general nature only and does not take your personal circumstances into account. You should seek financial advice before making any investment or financial decisions.

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