Australia is one of the most under insured countries in the world with a recent study showing Australians are under insured by a whopping $1.37 Trillion dollars.
Some alarming statistics that show in Australia:
- 1 in 2 Australian men and 1 in 3 Australian women will be diagnosed with cancer by the age of 85 (1)
- 1 in 500 Australian children will develop a cancer before 15 years of age â thatâs 600 Australian children diagnosed every year. (2)
- Childhood cancer is the single greatest cause of death from disease in Australian children, with three children losing their lives to cancer every week. (2)
- 1 in 5 Australians will experience a mental illness such as anxiety (3)
- Someone has a stroke every 10 minutes
If you were to become ill or injured, or if a death occurred in your family – would you be able to afford to continue to send your children to the schools of your choosing?
Will you have funds to pay for medical bills, keeping in mind you are now on a single income?
Will you have enough in your savings to pay for ongoing expenses such as your mortgage or rent?
For those people living alone â who will care for you while you are ill or need in home care? If you have children, who will take them to school / care if youâre not well?
In short, would you be able to afford the lifestyle you have today ?
The risk of underinsurance in adult children
For parents of adult kids there has been a rising trend of becoming âInsurance policiesâ
Imagine you are in retirement and one of your adult children contacts you to let you know  that they or one of your grandchildren are ill and they are unable to afford the care they require? Your plan may be difficult to maintain if your children or grandchildren are affected by any number of financial or health issues that have the potential to involve you, to ensure they survive financially.
We urge clients to  talk to your adult children about their situation.
Do they have adequate insurance to cover liabilities and provide for their families? Have you guaranteed any loans? What will happen to these if something happens?
If these children have inadequate cover we urge you to speak to them about talking to us to find a cost effective insurance option.
Source 1Â http://www.cancer.org.au/about-cancer/what-is-cancer/facts-and-figures.html
Source 2Â http://www.thekidscancerproject.org.au/about/Childhood-Cancer-Facts.aspx
Source 3 Â http://www.mindframe-media.info/for-media/reporting-mental-illness/facts-and-stats]
âThis page contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, Hillross Financial Services Limited and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.â
Melbourne Financial Management Group Pty Ltd (ABN 27 482 257 520), trading as MFM Group, is an authorised representative and credit representative of Hillross Financial Services Limited, Australian Financial Services Licensee and Australian Credit Licensee
