August 24, 2022 Julie Hyslop

KEEPING FINANCIAL CALM WHEN YOUR HEALTH IS UNDER THREAT

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When recently out for dinner a concerned friend confided that a close friend, a plumber, had recently been diagnosed with a serious illness that required him to take time out of the workforce for extended lifesaving treatment. In outlining some of the details they explained how proud and relieved he was that he had income protection in place to eliminate financial stress and to continue to support himself and his family.

Apparently, he calmly contacted his clients and let them know that he would not be available as his health and medical treatment required his full attention. It was explained that this was a huge weight of his mind, but he also relayed that a few years previous he was advised to cancel his income protection or at least lower the payout figure. He refused on both counts as at the time he had to foresight to understand that if ever he had a serious illness, he would not be in the position to run his business and earn an income.

What comes across in this persons story was that in a time of great uncertainty and sickness, he felt empowered by his choices and decision to financially protect his assets, lifestyle, and family. He was not required to try and work to earn money between treatments or seek outside financial assistance from family or community and this ensured he felt in control and ready to focus his full attention on the task of staying alive and getting well.

While the above might be simply recounting a one-off case, in a recent visit to our offices by TAL Insurance, it was outlined that out of every one thousand income protection policies sold, 40 are claimed upon resulting in billions of dollars being paid out to sick or injured individuals. These individuals will have had their own unique stories, diagnosis and long term expected outcomes. However, they will all have in common similar feelings of relief and peace of mind knowing they have ensured their continued income is protected, and financial stress will not be contributing to an already challenging situation.

The impact of this peace of mind on our health and recovery is extremely important:

What is important for patients is that the reduction of stress may very well improve chances for recovery, improve quality of life, and provide an opportunity for greater participation in total treatment.

Stanford Medicine,
Stanford Medicine Surviving Cancer Article

At Income Solutions we know there are dual benefits to income protection, firstly providing an income for lifestyle and essential expenses such as mortgage, rent and loan repayments, and secondly creating a sense of wellbeing and financial security when you may need it most.

As a principal element of an overall financial plan, Income Solutions is committed to assisting our clients in putting in place affordable and relevant long term income protection.

Referenced for this article:

TAL’s Suite of Income Protection Products (1)

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