Insurance Planning: Phil’s Story | Read the Transcript:
It’s been a good business – video production, and more ups than downs you know. The truth is, I don’t know how much longer I can keep it going for now.
Yes, I had a bit of bad luck with my health, it’s… if I’m honest with myself, really… well, it’s really all my fault. Two years ago, I found out I had a melanoma, that was the bad luck part. But as a surfer it’s a risk you take, the bad management was that I let my Trauma Insurance lapse.
Not a day goes by that I don’t kick myself about it. So the bill came in to renew my policy but I’d already maxed out my credit card on a family holiday to Bali. And there just wasn’t enough cash to pay for it, and you know… I thought, I’m healthy, what am I worried about? And I was pretty sure I had some insurance through an old super fund I had. Well it was only a few months after I came back from Bali that I went for my annual skin check. And, you know… when you get news like that it can turn your whole world upside down.
And as as it trurns out the only insurance I had through my super was $150,000 of life cover and some piddly amount of income protection, well, the income cover is all used up now, and they won’t renew my life insurance because it’s not guaranteed renewable. That Trauma Insurance I let go… sure it wouldn’t have cured my melanoma, but it would have helped me keep the business going and it would have paid off all our debts, and it would have paid for the special laser surgery I need.
Lindy says we should sell the house to pay for it, but… no way, I don’t want to go there, what happens then? No. It’s been tough on Lindy, and the kids, I just feel I let them down on so many levels. Look, I might get through this, but what I want people to understand is that, it would have been so much easier if I just got a proper insurance plan together in the first place and stuck to it. I’d have a better chance at recovery, too.
You know, I’ve since found out… this is the bit that really guts me. If had done this through an Advisor, he could have organsied a payment program for me so I could have paid my premium later and kept my cover. I would have had better cover, too, income protection, life and trauma, the whole shebang.
This insurance stuff is complicated, right, so what I want to tell people is, don’t do what I did. Don’t DIY! Get yourself some professional risk advice, get yourself properly covered and stay that way. There’s too much at stake, it’s your family, they’re the ones who suffer the most.
Don’t go it alone, call Robert Bauman* today on 1300 416 590 or email us at firstname.lastname@example.org.
* Robert Bauman, Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 AFSL 244252
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