Tuesday, September 20, 2016

Life is not always rainbows and butterflies...

As planners, we sometimes need to step up to the plate and accept that things can go badly for our clients in the worst possible way.  Protecting your family is a cornerstone of a sound financial plan, and although this subject is high profile, it pulls on the heart strings, and we hear about it all the time on our Facebook newsfeed, many Financial Planners don't bring it up when it could have made a very real difference to their client's life plan.  So, let's talk about Child Trauma cover.

The idea behind Child Trauma cover is that you insure your child so that, in the event of Baby Johnny suffering a Children's Medical event, one of the parents can take the time to be with them through treatment.

One of the other big benefits with Child Trauma cover is that it has a continuation option to an adult policy with no medical underwriting.  This means that if Mum gets breast cancer while Baby Jane is in her teens, but has a Child Trauma policy in place, then it will not have any effect on Baby Jane's policy.  No breast cancer exclusion, even if Mum has found out that she is carrying the BRCA gene.  Now that is pretty handy.

It is a macabre subject, but it is also something that I feel needs to be addressed.  I fervently hope that the policy doesn't get used, but honestly, what parent is willing to take the risk?  You have bills to pay, probably other mouths to feed, so you cannot take indefinite unpaid leave.  But at the same time, you really don't want to send your child for treatment with anyone but yourself.  Insurance doesn't solve all of our problems, but it does provide you with the ability to buy time to work through them.

Find Erin* at Achieveit Financial Planning or call for an appointment on 07 4638 5011.

*Authorised Representative of Securitor Financial Group Ltd ABN 48 009 189 495 AFSL 240687.
This is general information only and does not consider your personal circumstances.  You should not act on any recommendation without obtaining professional advice specific to your circumstances.  We recommend you speak to a financial adviser before acting on any of the information you read on this website.