Please note: all names have been changed due to the sensitive nature of the story.
Sadly this weekend Lisa, a family member of one of my employees, was seriously injured in a road accident.
As a result Lisa will now be off work and in rehab for at least 6 months.
The physical injuries are hard enough to cope with but now there’s the horror realisation that Lisa was the only income earner and now has no income!
All she has is 8 weeks leave owing to her.
Her life insurance / permanent disability won’t come into effect as thankfully this is not permanent injury. And the government’s third party insurance payout will take up to 3 years.
Normally I would not use such a terrible situation to increase awareness (in fact this week I was ready to send out a blog explaining how negative gearing works) however, my employee Ben, has asked me to contact everyone on our database today and “implore them all to insure their income”.
Ben said “it’s bad enough having to visit Lisa in the trauma ward and watch this physical tragedy unfold but now I have to watch as the family’s finances simply fall apart.
All because she didn’t think she could afford income protection premiums. What makes it frustrating”, said Ben, “is the premiums are basically free if you pay them out of your Super.’
And then he said something I am sure we have all said in the past…
“Why is it family never listen to you?”
So on Ben’s behalf we send out the message ‘PLEASE get yourself income protection – pay it through your Super if you need to – but please get it.”
Of course we are ready to help you sort this out at The Wealth Centre. But that is not what this is about.
This is simply to let you know you have options. Options that will protect your family if you need it.
Please see someone as soon as you can and get this in place.
God forbid anything like this happens to you – but if it did at least you can concentrate on the rehab rather than trying to work out how soon you need to start selling your assets off (or your family’s home) to support your family.