I’ve become one of my own statistics. When discussing the safety net of personal insurance with clients, I often advise them that statistically, they have a one in three chance of suffering a ‘trauma’ event (usually stroke, heart disease or cancer) before the age of 65. Yet it is still a bit of a shock when it happens to you. So the newsletter today is based on a very personal, very recent anecdote.

Early December last year I was diagnosed with cancer and spent much of the month being biopsied, scanned and tested. I attended numerous specialist appointments learning about the different options for treatment.

The good news is that the surgery (two weeks ago) has been successful and the expected outcomes are excellent. The tumor was contained and removed. I had a week in Sydney and now two weeks at home recovering before back to the office.

This can be a pretty tumultuous time. There is the emotional rollercoaster in addition to the significant financial costs of tests, surgery and treatment.  Sadly, the very large out of pocket costs of some options of treatment can impact on the treatment decision for some people.

Yet this is exactly what 'trauma' insurance is for. I was paid out the lump sum on my policy after the diagnosis was made so the financial costs of various treatment options were not really a consideration and we could focus on finding the best treatment available in my circumstances. And if you think that your private insurance will cover everything, you may be a little disappointed. One of my bills was 15 times the combined private and Medicare rebate.

So I would urge all clients not yet retired to give us a call and discuss some level of trauma cover. We will be happy to run various quotes and discuss options. And even if you are retired, think about your adult children. Are they in a position to fund these costs themselves or would mum and dad be getting the call? It might just be cheaper to pay the premium for them.

The investment in my trauma policy has proved to be the best ‘return on investment’ that I have made.


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Brett Dillon is an Authorised Representative (No: 265081) of Solar Financial Advisory Pty Ltd (AFSL No: 431915).
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