A young work-at-home business Mum with an inoperable brain tumour has less than 12-months to live. She has no partner to support her and is unable to continue working. She has a personal loan, two maxed-out credit cards and little cash savings to fall back on. She relies on charity and the financial generosity of friends.
Her greatest regret is that she can no longer provide for her young children. She is distraught at the prospect of what might become of them after she passes away. She knows she is leaving them in poverty.
A friend asks her if she has any insurance. She discovers that she has a small amount of life insurance through her last employer’s superannuation fund. That will help her children a little after she has gone but is of no use to her while she is alive.
She has no Total & Permanent Disability insurance (TPD), critical illness (trauma) insurance or income protection, all of which could have helped her while she is alive.
She doesn’t know it but had she held her life insurance policy outside superannuation, she may have qualified for a terminal illness lump sum benefit in advance of the death benefit. Benefits like this are not always available in superannuation.
Whilst financial planning and insurance advice can’t cure her inoperable brain tumour, it will solve the problem of dying with nothing; or worse, dying with nothing but debt.
For business & personal financial advice tailored to your needs call Gary personally on 0408 756 531