You have set your own personal insurances up, but what about your spouse?
You and your family have worked hard and have goals and aspirations of what your future looks like. Unfortunately, life doesn’t always go to plan, and significant life events can cause uncertainty. Sickness, injuries and even death can come when you and your family least expect it.
You may have already set up your own personal insurances to protect your family, but what about your spouse? Does your spouse have cover in place to allow your family financial freedom so you can focus on what’s important?
Setting up personal insurance cover for your spouse can provide financial security allowing you and your family to focus on what’s important.
Far too often the household contribution of the non-working spouse or lower income earner is overlooked. The considerable work in running a household, looking after children; getting them to school and activities, and ensuring the grocery shopping is done is often forgotten because it’s unpaid work.
What would happen at your home should the person usually responsible for these tasks becomes unwell, injures themselves or worse yet, passes away? You may be able to call on family and friends to help for a short time, but that’s not a long term solution. If it’s something that requires ongoing assistance and care then it’s important to have provisions and plans in place.
Arranging a tailored plan of protection to suit the needs of your family can be constructed with your Insurance adviser. Careful consideration is given to your personal circumstances to determine appropriate levels of cover before a suitable product is recommended. As life continues to change – your family gets older, your debts reduce and your assets grow, this portfolio of financial protection can be reviewed to ensure it continues to fit your family’s needs.
What is trauma insurance?
In a time where your spouse suffers a critical illness, Trauma (Crisis Recovery) insurance can provide a lump sum so that you can take time off work to support the recovery of your loved one without financial concern. It allows your spouse to get the medical treatment necessary in a timely manner to ensure the best chance of recovery. With today’s medical advancements, often recovery from a critical illness such as cancer, stroke or heart attack is possible, however, it does come at a financial cost. Private health insurance may cover some costs associated with medical treatment, but it varies how much it will cover and for which procedures.
Trauma insurance pays a lump sum benefit upon diagnosis of around 40 medical events (the most common ones being heart attack, cancer and stroke), and the money is there for you to use as you need and as you see fit. It provides you and your spouse the freedom to make important decisions that are best for your family and circumstances without the fear of needing to sell assets or draw down on savings.
Life Insurance
In the tragic time of death or terminal illness, Life insurance can provide financial security when all else seems to be falling apart. Worrying about finances and work may be the last thing you want to do when coping with grief and comforting your family.
Life insurance provides beneficiaries with a lump sum of cash to help service debt and also provide an ongoing income stream. The income could be used to arrange extra assistance around the home, child caring services, cover education costs or whatever else you may want it for.
Total and Permanent Disability (TPD) Insurance
Unfortunately, more permanent injuries and illnesses can have a large impact on households. Aside from the realisation that life will forever be different, often large expenses will happen and could continue to be incurred. Medical bills, equipment, in-home care, and possibly even renovation works all come at a large cost. Typically a budget doesn’t allow for these things on top of the cost of everyday living that will continue.
Total and Permanent Disability (TPD) Insurance can pay a one-off lump sum benefit to help meet these costs and expenses. The money is yours to use however you need to. Commonly it will be used to service or clear debt, as a provision for medical expenses or to supplement lost income. The funds could be used to arrange extra assistance around the home, child caring services, cover education costs or whatever else you may need it for.
The financial needs of every family can be very different, however one thing that is very common is the emotional suffering that families endure when something serious happens. Removing the burden of financial concerns provides the freedom to focus on recovery and wellbeing.
Having appropriate coverage for your spouse provides a level of protection to safeguard assets in what can otherwise be a very stressful time.
Having appropriate coverage in place for your spouse provides completeness in your family’s financial protection. It will provide peace of mind and security in the event the unknown does happen.
Don’t leave yourself exposed, speak with your adviser about tailoring protection to your family’s needs.
At DPM, we have a specialised team of expert insurance consultants working to ensure doctors across the country have adequate protection. Click here to book a free, no-obligation appointment to discuss more about how we can assist you.
Disclaimer: * The information contained in this site is general and is not intended to serve as advice as your personal circumstances have not been considered. DPM Financial Services Group recommends you obtain personal advice concerning specific matters before making a decision.
