It can be difficult to plan for serious illness and in many cases it often comes when you least expect it, however, there are steps individuals can take to ensure their financial security.
Nhada Larkin, an insurance expert with Adelaide Now, says that the right income protection policy can make a big difference when it is needed most.
“Trauma insurance can be important for full-time parents who often cannot access income insurance, and older people close to retirement who want to protect their nest,” she said.
And according to AMP financial planner Darren James, it is always a good idea to think ahead especially as life expectancy increases and people spend more time in the worforce.
Mr James said that as many as one in two men and one in three women will be diagnosed with cancer before the age of 85, which could be a serious financial – not to mention emotional – toll for people to carry.
But by putting money aside at regular intervals, it may be possible to ease some of the pressure placed on individuals and their loved ones.
The benefits of a lump sum payment often extend beyond the purely financial matters of paying bills, but instead help to boost peace of mind in trying circumstances.
