I have been an accountant for more than 10 years and have always been aware of the value of life insurance. But it wasn’t until I started my own business that I went and saw a financial planner colleague who recommended that I take out life insurance for the first time. I didn’t realise it at the time but this would end up being one of the best financial decisions I would ever make.
My friend and planner recommended that I take out insurance including trauma and income protection to ensure that my wife and I were not put under financial pressure if I were to suffer an illness or injury.
One year later, just as my business was really taking off and I was extremely busy with work, I was diagnosed with throat cancer. This was a huge shock to my wife and I, especially as I was told I had to undergo immediate surgery and then commence chemotherapy treatment.
Shortly after the insurance company received my paperwork, I received a call from the claims area to say that my trauma benefit of $300,000 would be paid immediately and that my monthly income protection benefit would also commence after my waiting period.
I used the trauma benefit to pay for the treatment costs and we could then afford for my wife to take time off work to be with me. The income protection benefit covered our day to day living expenses, including the mortgage and other essential bills. Most importantly, though, it meant I wasn’t forced to return to work while I was still recovering.
My planner was instrumental in ensuring my family was covered appropriately if anything were to happen to me. When I was contacted by my insurance company, I immediately rang him to share the great news that my claim would be paid … and that we’d just found out my wife was expecting our first child!
I finished my chemotherapy treatment just after our daughter Emilia was born. I’m not out of the woods yet but my cancer is in remission, so I’m staying positive and looking forward to seeing Emilia grow up.