The hard reality

Peter Griffin
Planwise Financial Services

I've been writing this column for more than three-and-a-half years and in that time, in the normal course of my business, we have processed many insurance claims.

They have ranged from the not-so-serious to the worst outcomes of all. Life is certainly not fair as it can throw you a curve ball at any stage; and these can be traumatic events to cope with even as an adult but worse still if it is a child that is involved.

When you see cases of children being diagnosed with all manner of devastating illnesses, as a parent it can be hard to cope with or accept. Facing an uncertain future for your child is a parent's worst nightmare. The financial impact this can have on a household may not be seen immediately but over time costs may be incurred by the family as the child may need specific access to health treatments that may or may not be provided by the public health system.

For example, in the case of a cancer for instance, a controversial treatment that may normally not be funded through the public health system can be funded through insurance. I have come to realise why insurance is so valuable; it's about predicting financial outcomes, no matter what the crisis. So it doesn't matter what age you are there will be an insurance product to cover it.

Talk to your adviser, better still talk to an adviser at Planwise. You never know when that crisis may happen! So be prepared.

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