By Liz Maroney, Westlawn Wealth Adviser 24 September 2013
What would you do if you suffered a prolonged illness? Could you cover your everyday living expenses and also pay your medical bills? How much would you and your family need to survive? While most of us don’t like to dwell on such questions, they are questions we nevertheless need to consider from time to time.
If you’ve recently changed jobs or received that hard-won promotion, moved into a new home or started a family, it’s time for some critical thinking …. about critical Illness insurance, that is.
Critical Illness insurance can provide a lump sum payment if you’re diagnosed with a critical illness such as cancer, coronary disease, stroke, diabetes or one of many other defined conditions. This payment provides financial relief from the additional expenses incurred following diagnosis, allowing you to get on with what’s really important – getting well.
For families, the benefit is clear. It provides immediate relief should a primary income earner be diagnosed with a critical condition and needs time off work for treatment. Without such financial assistance, families may be forced to tap into their savings, have another income earner return to work or increase their working hours, or perhaps remortgage or sell the family home.
But even if you’re young, free and single, critical illness insurance can still be beneficial. It provides continued financial independence enabling you to continue living an independent lifestyle while you recover.
There is a wide range of critical illness insurance policies and options available. Choosing the right policy and level of cover will depend on your individual situation, so contact a Westlawn Wealth Adviserfor assistance.
General Advice Warning The advice on this site may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial, tax and/or legal advice prior to acting on this information.
Westlawn Wealth Management Pty Ltd ABN 32 124 861 409, Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, Australian Financial Services Licensee, 105 -153 Miller Street North Sydney NSW 2060.