Emma had always been a star in study, sports and music. She was always considered as a high achiever. She was able to secure a job soon after she completed her studies at university. Her drive and ability to achieve soon saw her earning $75,000 in her early twenties.
Emma had always been an independent person. She wanted to build financial independence through property, savings and possibly some investments. She loved travelling and visiting new places. After her recent trip to Asia, she started to put some money towards saving for a deposit for her first home. Emma did not have any formal financial planning in place, although she had considered it.
Emma certainly was doing well until one day when she had a tragedy. She was driving back home on a wet road when she lost the control of her car and crashed into a pole. She was unconscious for 5 days. She regained her consciousness to discover, she had lost the use of her right foot and left hand.
Due to her disablement Emma could not fulfil all the requirements of her job. As a result of her disablement Emma had to leave employment. Emma’s future fell apart. Her disablement prevented her from earning a decent income and she could no longer support her lifestyle.
What could she have done differently?
No one plans for the unexpected, but what you can do is to have a plan in place that could provide financial support in the event of a life changing experience. Emma may not have faced this financial crisis if she had a personal insurance plan. This could include:
- Income Protection Insurance: This insurance cover would have replaced 75% of her income after the accident and would pay as long as she was unable to work.
- Critical Illness Insurance: This insurance cover would have assisted with the cost of medical treatments and any time needed off work.
- Permanently Unable to Work Insurance: This insurance cover would have helped Emma to maintain her lifestyle and financial independence and would have allowed her to make any home modifications to help with mobility.
- Life Insurance: This insurance cover would have helped her estate to pay out any loans (personal, credit card etc) upon diagnosis of a terminal illness or on death.
Planning for your future is important and with Allianz is now quick, easy and inexpensive, above all it will provide peace of mind and a level of security should the unexpected happen.
The insurance is issued by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFSL 296559. The information contained on this website is general information only. It does not take into account your individual objectives or financial situation. You should therefore consider the appropriateness of the insurance having regard to your objectives, financial situation and needs. Prior to making any decision you should read the Allianz Life Plan Product Disclosure Statement and Policy Document (PDS)
. You should seek advice from your financial adviser before deciding on appropriate insurance cover.
This is a fictional event