Life Insurance: True Story of Stroke Victim & Value of Life Insurance & Income Protection
Chris Schouten talks openly about what it was like to become an unlikely victim of stroke at just age 33 and how having adequate insurance saved his family and business from financial devastation…
Having adequate insurance such as Life Insurance (Australia) and Income Protection (Australia) are a vital part of any Australian’s wealth protection strategy.There are various types of cover as well as numerous insurance companies in Australia so it is important to choose the right insurance cover for you. How? By getting specialist Insurance, Life Insurance and Income Protection Advice and structuring it tax effectively. In addition to life insurance and income protection it is important to have critical illness insurance/ trauma insurance to cover the 3 major trauma events such as heart attack, cancer and stroke as well as a whole range of other critical illnesses. There are 60,000 strokes in Australia each year. On average there is 1 person suffering a stroke every 10 minutes. Suffering from a stroke is the one main cause of adult disability in Australia and the second most common cause of death. Cerebrovascular disease, as its clinically known, happens when the blood supply to the brain is disrupted. This is often the result of a blood clot.
It is important for people to have adequate insurance in the event a critical illness such as stroke occurs. If stroke leads to death then it is important there is enough life insurance to enable dependents such as family to be looked after.
Stroke is a most dangerous medical condition that, if it doesn’t lead to your death, can leave you totally and permanently disabled for the rest of your life. A stroke victim who survives, more often than not is left unable to earn a living, living become a task in itself. Any dependants you might have under your care would suffer a bleak financial future if you didn’t have trauma insurance and income protection to help keep you and your family financially independent of government welfare. Trauma insurance can often help during this period of financial need as the funds from such insurance can go towards paying for rehabilitation, general living expenses and medical needs. It can also help with any changes that may have to be made around the house to improve access etc. Income Protection provides a regular taxable income in the event sickness or injury prevents you from being able to work . It ensures that assets are not sold or spent to replace lost income, protecting the lifestyle you have worked hard to build.
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Becoming Financially Free Once and For All
Keeping your finances in good order is not easy. When you are in debt, it is not unusual to feel like everyone and everything is out to get you. However, it is important to be realistic. Instead of allowing yourself to be a victim, get educated and take control of your finances. Financial literacy, then, is learning what you need to know in order to take charge of your situation. This tips that follow will help you finally find financial success once and for all.
Obviously, you want to get out of debt as soon as possible. However, you have to work at the situation if you want things to improve. You must be realistic about what is happening. That means sitting down and figuring out exactly how much you have to pay back as soon as possible. You will only get yourself in more trouble if you consistently rack up late payment charges and additional interest. A debt $40 or $50 can quickly become hundreds of dollars if you do not pay attention and take the necessary steps to resolve the situation.
Do you have a number of credit cards or loans in your name? Pick the card or loan with the highest interest rate. Pay that off first. If you are trying, but failing, to juggle all your many debts, do not avoid your creditors. Instead, call them and have a frank discussion about your situation. Ask for help in setting up a payment plan. Whatever you do, make sure you stay away from payday loans unless you have no other option. They should not be an easy out if you just want to go on a vacation or buy more “stuff.”
To really improve your life for the better, however, you also need to save for the future. Be careful with your money and start a savings account. Becoming financially literate is possible, but you have to put forth the time and effort necessary.
Obtaining Life Insurance
Most people do not enjoy having to pay for life insurance, which makes them want to cancel out their policy. With the price of life insurance and the instability of the economy, it is no wonder why people believe the money they spend on their policy could be used for something else. But, just think, if you were to cancel out your policy and the worse were to happen to you, how would your family afford the bills and other monthly expenses? It is important to have a life insurance policy, especially if you are the only one with an income in your home.
Let’s say you were to get into a terrible accident and you passed away; if you have a life insurance policy, your funeral and related expenses would be paid for. No one wants to think about their death, but it is something that needs to be thought of. It would be terrible for your family to have to worry about money as they mourn your death.
In addition to paying for both your funeral and burial, most life insurance policies will provide your family with money for a year (and sometimes more) after your death. This means your family can properly mourn your death for some time before having to think about where to get money from.
You may be having trouble keeping up with the current price of your life insurance policy. If this is the problem you are having, you may want to look around for other policies. Speak with a few of the best life insurance companies and compare their rates. Most policies for non-smokers and those who work in a low-risk field are not pricy at all. You can get good coverage for a cheap price. The tiny amount you pay each month for your policy is worth knowing your loved ones will be taken care of, should you die.