Insurance can provide the money you need when things go wrong.
Insuring the lifestyle you value
You probably wouldn’t think twice about insuring your car or your home, so insuring your ability to earn an income should be a natural part of protecting everything you’ve worked so hard for and the lifestyle and people you value.
No one ever thinks it will happen to them
No one expects the worst to happen or likes the idea of paying for something that you may not ever need – but if you injured yourself and couldn’t work for a few months – your insurance could prove invaluable in helping to soften the blow.
Don’t assume you will be okay
Many people may not have enough money in savings to support themselves or their family in an emergency. You might also over-estimate how much a Workers Compensation payout could be, how much your health insurance will pay and how long your savings would really last paying for all your everyday living expenses if something happened to you.
Insurance in action
Lauren got her holiday refunded, but had to borrow money to pay rent
At 32, Lauren had been planning her dream trip to Cuba and finally had the opportunity to go. Three days before leaving, she fell down some stairs and broke her leg badly. The doctor said she couldn’t fly and wouldn’t be able to carry a backpack so her Cuba trip had to wait.
Because she had travel insurance, the cost of her cancelled trip was covered. An MRI scan showed that she needed surgery but because she didn’t have private health insurance, she had to wait four months before she could exercise, wear heels again and even go to work.
And because she didn’t have salary continuance cover, she wasn’t covered for the time she missed from work so when her annual leave and sick leave ran out, she found herself broke and borrowing money from a friend and the bank to keep herself afloat.
Bill avoided moving back to his parents place when he couldn’t work
At 26, Bill was enjoying a full life working as a cook in a busy hotel, spending time with friends and keeping fit training for marathons on the weekends. But a nasty fall while running left Bill with a badly broken ankle that needed surgery and several months of physio before he could return to work in the kitchen.
Luckily, his salary continuance cover kicked in, meaning Bill had the money to pay his rent and regular bills during the time he was off work instead of draining his savings or losing his apartment and having to move back in with his parents.
Helen and her kids got the help they needed when her husband passed away
Helen was a 36 year old mother with three young children when her husband unexpectedly passed away. Naturally, it was a difficult time but she knew that her late husband had insurance with HOSTPLUS, so contacted us to help her make a claim.
Right from the start, Helen was assisted by a dedicated case manager to help her through the claim processes.
She then made an appointment with one of our financial advisers who helped her plan out the best way to use the benefit amount to clear some of the debts her family had and pay their mortgage over the coming years. The adviser then helped Helen a some long-term plan in place to help her support herself and her children for the future.