Don't forget about insurance - Warning to all..

F

FrankGrimes

Hi,

My Story. I'm a male 23 years old and quite healthy, no other medical issues at all. Recently I noticed I had some numbness, tingling and pins and needles on my right foot . My right foot is also very weak and causing me to drag my foot a bit, also known as footdrop or toedrop. My other 1/2 forced me to see a doctor, and rightfully so.

Saw my local GP, firstly suspected a slipped disc and referred me to have an xray. Nope, no slipped disc, back to GP. Doctor now suspects Multiple Sclerosis or some other spinal type disease affecting my nervous system and refers me to a specialist for various tests, MRI etc. Multiple Sclerosis is a very serious disease so you can imagine how I've been feeling.

After 2 months of neurological tests and playing referal ping pong between various doctors.. Finally a solid diagnosis!

It turned out to be a benign tumor in my knee about 15mm by 0.5mm, which is causing damage to the nerves in my knee, which controls the foot and is giving me the numbness. This is being removed next year in February. I will have permanent nerve damage to this nerve for the rest of my life, but it's implications are still very minor compared to a spinal disease such as Multiple Sclerosis. I never thought I'd be so happy to have a tumor.

MY WARNING TO ALL -

If you don't have income protection insurance and trauma insurance. GET IT NOW, DO NOT WAIT, IT CAN HAPPEN TO YOU. There is nothing worse than having a serious health issue, but having no money to help pay any medical bills and ruining your hard work just makes a bad situation worse.

Think about your family, friends, kids and everyone else in your life if you are unable to work and generate an income. The ability to work, even at an average salary works out to be a huge sum of money over your working lifetime.

I've had a horrible month thinking I may not be able to keep working past the age of 30, where will I get an income from? what about my partner? what will she do? Will I ever be able to have a family? Will I be poor for the rest of my life?

Don't underestimate the importance of insurance, particularly income protection. I just thought I'd share.

Regards

Luke
 
My condolences that your great comments have had to come through your own personal experience. I too know the situation on a smaller level, I have had to fork out about $10,000 to fix my teeth in the last few months after problems with my wisdom teeth and their impact on my other teeth.
 
Great advice Luke.

I unfortunately left it too late, and had already visited a doctor and specialist about a funny heart problem BEFORE I got my Term Life and Income Protection insurances.... bad move.....

Then, later, when I was referred to an insurance company that had a lower premium, we discovered during the medical that I had developed diabetes!! :eek:

Cheers,

The Y-man
 
Luke, it's good advice.

Generally, most people's most important wealth creating "asset" is their ability to keep working and earn a living. Without income, most plans fall in a heap.

Income Protection is a tax deduction also.

Many desk jockies (like me) think it doesn't matter that much as they could even work with one leg etc. But they forget about mental capacity. We had a client, an Accountant, who had a car accident. Physically he was okay, but he received a nasty bump on the head and lost his short term memory, and therefore was unable to do his normal work. Insurance pays 75% on his income until he turns 65.

Your point about leaving it too late is important. Get the insurance when you are healthy and the premium is lower. It doesn't matter if your health detoriates later. Provided you keep paying the premium, the insurance co cannot ask to re-assess your health.

GarryK
 
Garry K said:
Luke, it's good advice.

Many desk jockies (like me) think it doesn't matter that much as they could even work with one leg etc. But they forget about mental capacity. We had a client, an Accountant, who had a car accident. Physically he was okay, but he received a nasty bump on the head and lost his short term memory, and therefore was unable to do his normal work. Insurance pays 75% on his income until he turns 65.
Click to expand...

Spot on, while a tumor isn't great it can easily be removed and I can get on with life, I'm also a desk jockey so a nerve issue in my leg is not big deal (except i'll never run, ski or anything like that ever again). Your ability to work is your biggest asset, especially while building your portfolio as I am.

The cost of income insurance isn't huge, especially at my age. I've been quoted about 50$ p/m after the tumor has been removed. Considering what could happen this is a small price to pay.

It CAN happen to anyone. Get it organised while you are fit and well, don't let it be too late!
 
Yep.

Agree 100% with your advice Luke, income protection is essential, and the earlier and younger and healthier you are when you get it the better!!!

GSJ
 
Garry K said:
Many desk jockies (like me) think it doesn't matter that much as they could even work with one leg etc. But they forget about mental capacity. We had a client, an Accountant, who had a car accident. Physically he was okay, but he received a nasty bump on the head and lost his short term memory, and therefore was unable to do his normal work.
Click to expand...

Definately! The biggest one for office workers is depression. It's alarming how widespread this illness is.
 
Luke, get some accupuncture post-op (asap), it'll speed recovery & held minimise any long-term damage.

Cheers & good luck with the op.
Mark
 
Hi Luke,

Thanks for the jolt. I think that people have so much happening in their lives that they easily forget to keep reassessing where they are and what might happen to them and their families...at 'any' moment, whether you're 23 or 103.

Can you please explain 'Trauma Insurance'?

And do you or others have any advice re: income protection insurance ie. good insurers, what to look out for, typical premiums for those lucky enough not to have experienced any threatening situations etc?

Good Luck Luke.
Thanks for being candid, and thanks for the momentum.
Fish
 
This insurance is not for everyone. You have to access your own situations and make a sensible decision based on the facts.

Cheers
 
Hi all,

TPD, income protection and other similar insurances are often provided by your superannuation fund as well, sometimes with a cheaper premium and better coverage than the big firms. I have income protection through my super that only costs about $5.00 a week but only pays for 5 years I believe. Definately check how long they will pay for and the waiting period. I also have trauma insurance and permanent disability insurance as well which is about $900 per year. Trauma covers you if you have an accident or have a heart attack/stroke/cancer etc - one off payout and permanent disability is an extra pay out if you are permanently unable to work in your normal job.

Cheers
Nat :)
 
Anyone know a good insurance broker in WA for this sort of thing. Have been thinking about this for a while. Be just my luck to survive all the stupid sh#t over the years then get hit by a truck now. That sound you can hear is me touching wood. :)
 
Hi all,

I just thought I'd post a quick follow up. Turned out it wasn't even a tumor after all, there was just extra flesh around the nerve causing the nerve to be crushed! I was fine after about a week and back to work after 10 days. I see the neurosurgeon again in March so I should know what sort of recovery to expect!

So yes, all good news! But my point still stands, make sure you are adequately insured!

PS - Posted a pic for anyone interested..

Regards,

Luke
 

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Yes, unfortunately with insurance it is same as with finance:
"Get it in place when you don't need it"

What do I mean:

Get your basis insurance (income protection and TPD with Trauma) in place while you are absolutely healthy and in paid employment; I would even say it is an absolut must when having a large mortgage.

Get your loans in place when you still have full income/serviceability circumstances can change very fast and then you no longer qualify for the loan.
 
My Mum was declared legally blind in her mid 40's due to Macular Degeneration and the Insurance payout because of that paid off the entire mortgage on a relatively new house.

I hope everything turns out for you Luke and your message of the importance of insurance is well heeded.
 
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