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Insurance – do you need it? Part 2

Insurance – do you need it?

You think an accident will never happen to you? Insurance – do you need it?

I wrote the first article about this subject on 14th June 2014 –  you can read it here. I thought I would write a follow up article because of recent events in my life. It’s not very often that things effect you so closely but I have four recent stories that have increased my resolve that insurance is essential and should be part of everyones lives.

These are all true stories.

For those of you who are younger and think that “it won’t happen to me”. Please think again. All of these stories below are recent (in last couple of years) and occurred to close friends of a normal suburban couple (us).

The neighbour

I have a neighbour that ran a chicken shop until recently when he began to not act strangely. He and his wife had run the shop successfully for twenty years but he began to stare into space and seem uninterested at work. At first his wife thought he may suffering from depression and booked him into a doctor to receive treatment and medication. Although he improved a little she sought a second opinion which culminated in an MRI scan and the diagnosis of a brain tumour. He was operated on and told he could have radio therapy treatment but the cancer was large and his chance of survival was not good. They decided not to go ahead with treatment and for him to live the time he had left at home with his loved ones. Roughly two months later he died. The shop had been closed for the whole time he was sick (2-3 months) and even though it had been a successful business for 20 years it was impossible to sell as there were no longer any customers. Now his wife is alone and having difficulty applying for government assistance (the pension) because of assets they still have apart from their home.

The solution – Life, Trauma and Permanent Disability Insurance and Income Protection Insurance. If they’d had all of these there would have been an immediate payout for her husband’s death and during his sickness medical expenses and loss of income would be covered by the other insurances.

Worker 1

Here are three true stories about my friend’s work colleagues. Three different women with major medical problems and all without insurance.

The first woman is in her forties. She had an operation which resulted in having nerve damage near a major internal organ. She is now in such pain that she needs constant medication to be able to work.

Worker 2

The second woman is also in her forties. An unsuccessful knee operation resulted in her favouring one side of her body. This eventually put pressure on her back and now she now can’t work due to being in constant pain. When a group of friends met recently at her home to visit, this woman spent the entire night standing because of her back pain.

Worker 3

The third woman is in her early sixties and has worked hard as a single mum, raising three children whilst working full-time. She also had a knee problem and at this very moment is in hospital with a very severe infection that has occurred post surgery. She has very little superannuation and no private health insurance as she couldn’t afford them due to being a single mum.

My response to all these examples is you cannot afford to not have insurance. All these people would have been helped in some way by either health, income protection, trauma, permanent disability, or life insurance.

Don’t say “I won’t happen to me.” It can and it does.

Be safe.

Please see other related posts below.

Insurance – do you need it? Part 2

Insurance – do you need it? Part 2

Insurance – do you need it?
You think an accident will never happen to you? Insurance – do you need it?

I wrote the first article about …

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Insurance – the nitty gritty.

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Following on from last weeks post Insurance – do you need it?  this article will list the various types of personal insurance available …

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Insurance – do you need it?

Insurance – do you need it?

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You think an accident will never happen to you? Insurance – do you need it?

That’s the way I used to …

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