Bowel Cancer Awareness Week

It's Bowel Cancer Awareness Week!

Did you know more people die of bowel cancer than prostate or breast cancer?

But the good news is, if it's detected early you can have a successful recovery. You can get a test kit from your local chemist however, before you do the test make sure your insurance policies are in place just incase!

'Join The Bowel Movement' to find out more.

http://www.bowelcanceraustralia.org/bca/index.php?option=com_content&view=article&id=596%3Ajoin-the-bowel-movement&catid=38%3Arokstories-frontpage&Itemid=715

Insurance for the Stay-at-Home Parent

Stay-at-home parents put in an estimated 94.4 hours of domestic duty each week 1. They're the child carer, support teacher, house cleaner, laundromat executive, school project manager, taxi driver, the gardener and so much more! If illness or injury were to strike a stay-at-home parent to the point where they could no longer perform their domestic duties, how would your family cope???

According to a study released by Salary.com, a stay-at-home parent would earn nearly $124,000 a year if they were to be paid in cash for their roles at home. For the stay-at-home parent to be adequately covered, they need to ensure their insurance will cover the costs of outside help. For example;

Meal service for four people - $570 per week 2
Nanny - (based on 5 x 9 hour days) $1,125 per week 2
House cleaner - (based on 6 hours per week) $150 per week 3

I can provide families with peace of mind through a range of insurance options for stay-at-home parents.

Life Cover
A cost effective way to protect the running of the family in the event of death or terminal illness.

Total and Permanent Disability (TPD) Cover
Pays a lump sum if the client suffers from total and permanent disability, such as multiple sclerosis or loss of limb.

Trauma Cover
Provides a lump sum if diagnosed with certain medical conditions such as heart disease or cancer.

Income Care Plus Benefit
Income Care Plus pays the working parent a monthly benefit if they are unable to earn an income due to illness or injury.

I can also introduce a domestic help benefit to the Income Care Plus product. If the life insureds spouse or defacto (who is a home maker or not working more than 20 hours per week) is disabled due to an accident, you will get help to pay child minding and housekeeping costs for up to three months.

1 The eighth annual survey of mothers' market value, by Salary.com
2 As quoted on www.liteneasy.com.au
3 As quoted by dial-an-angel

Source: Update Magazine

ONLINE PURCHASING...ARE YOU REALLY SAVING MONEY? OR IS IT COSTING YOU MORE?

There are many things people purchase online. It may be cheaper to purchase online but there is probably a reason why it is cheaper. It may not meet all your needs and expectations and when it comes to the crunch you may not be covered. The money you may save buying a cheaper product online will not cover the greater loss you may encounter. 

A recent example was a Newcastle lady who bought travel insurance online and they said that her and her dependants are covered for travel. Her daughter got sick while on holidays and had to be flown back to Newcastle. She thought she would be covered through travel insurance but it cost her $42,000 to find out that her daughter was not classified as a dependent so she was not covered!

Another example is the recent floods in Queensland. People bought their house insurance online because it was cheaper but no-one told them it doesn't cover flood damage! So the cheaper policy did not save them money only cost them more.  

I was recently referred to a person to review their insurance policies and they advised my policies were more expensive than their existing policies. They thought they had death cover for each other but it was only accidental death. Imagine the distress and trauma caused if your loved one died and you thought you had life insurance but it only paid out accidental death. How would you tell your family?  

It's better to be sure and talk to a professional who can explain the fine print! If you would like a review of your own personal insurance policies to check you are covered for what you think you are, please give me a call, just for your own piece of mind!

Childhood expo highlights the need for insurance

I recently attended the Childhood Expo at Newcastle Panthers that was organised by the Child Alliance and couldn't believe how many businesses and products there are to service the needs of families with young children.  There were educational products and services, health products and services, child care services and much much more, in fact it was quite overwhelming!

All the products and services though had something in common, they all promoted family harmonisation as being the holy grail of a happy life and they're right.  Let's face it, if everything is going well at home pretty much everything else is going well too.

What did amaze me though was that people who were intelligent, caring parents that were looking for more options to improve their own lives and their children's were completely ignorant about their financial security.  Let's face it, we all want to give our kids the best start in life, with good health and educational opportunities, it's normal, in fact I tend to think it is hardwired into most of us to hope that our kids will do better than we did.

I spent most of my time at the expo talking to young parents, asking them about what they think is the most important thing they can offer their child besides love?  Nearly all of them answered "financial security and opportunities to be their best".  My next question was how do you give that to them, their answer "by working hard".  A great answer, as long as you can work hard.  Most of the people I spoke to had no personal insurance outside of their superannuation fund and even then, most didn't know how much they had or had even considered how much they need.

Seriously, I can't believe that people who obviously love their children and want the best for them can be so uneducated and ill informed about what could be the most important financial decision of their children's lives. 

Imagine just for a moment, the picture of the perfect family, happy, healthy and successful - there is a terrible car accident, the Mum is left fighting for her life and the father is killed instantly....what happen's to the kids?  Does anyone know?  Not one person I met could tell me what was going to happen to their kids, if something happened to them.  Most ummed and ahhed and then mumbled something about their retired parents taking the kids. 

The fact is most people don't have a plan, they usually don't even know they need one because we all walk around thinking we are going to live forever and for those of us that have come to terms with the fact we are going to die we like to picture it happening very peacefully at the ripe old age of 90 or more, after fulfilling all our ambitions and dreams.  Unfortunately for most people, that is not how it will happen - somewhere along the line there will be accidents, illnesses and maybe even premature death at a fairly young age.  While we can't always control what happens in our lives we can have a plan to deal with it.  Just like you teach your kids the family emergency plan in case of fire or flood etc, you need an emergency financial plan to help you to deal with life's unexpected turns.

Do you know what will happen to your kids if something happens to you?

If your not sure, I would urge you to sit down and talk about it with your partner, your parents and especially your insurance adviser and your solicitor.  Every parent needs a plan to make sure their children are protected even if they can't be around.

 Call us now on

02 4925 6125

we can help you with your own personal emergency plan.

7 Habits of Wealthy People

Everyday we make choices that affect our level of wealth, from our spending habits to our investment choices.  We often blame our low pay or high bills for not being able to get ahead but the truth is that wealthy people usually have the same financial habits in common.  These habits don't require a degree in economics in fact most of them are just  common sense.

1. Spend less than what you earn
2. Save your money (aim for 10% of your income)
3. Invest wisely - make sure you get sound professional advice, most people are not stockbrokers.
4. Borrow wisely - make sure you have good debt (debt that is used for an asset) not bad debt.
5. There is no such thing as a get rich quick scheme - if it is too good to be true then it probably is.
6. Be patient - If you can't get rich quick then get rich slowly!
7. Insure yourself - no matter how clever we are with our money we cannot always control what is going on in our lives.  Accidents happen and people do get sick and these events can mess up our plans, having a contingency plan in place to avoid losing your income or having to sell off your assets is just good sense.

If you follow these very simple rules you should be able to build your personal wealth, and while money is the most important thing in life it gives you a greater choice of what you can do in life.

Unlike car insurance, income protection is tax deductible!

We all have some kind of plan for the future.  Whether it is to pay off our debts, buy a house, get married, have a family or travel the world, but what happens to those plans when something unforseen like an injury or an illness happens?  How do you survive each week let alone realise your goals?

Have you considered how you would pay your bills if you could no longer work?

Income Protection insurance can help by replacing up to 75% of your income if you are unable to work due to injury or illness.  It can help your replace lost income to meet ogoing living costs and generate savings to help realise your goals in the future. Income protection eases the financial stress during traumatic times so you can concentrate on your recovery.

Tax Deductible Premiums
Premiums for your Income Protection may be tax deductible making it more affordable.  If you take out a policy before June 30 and pay your annual premium you can bring forward an expense that would otherwise be tax deductible to you the following year.  So right now is a great time to look at Income Protection. Plus your cover will be in place for the next financial year!

Click Here if you would like any information about the benefits of Income Protection.

CANCER - Australia's biggest killer

1 in 2 men and 1 in 3 women will be diagnosed with some form of cancer in their lifetime.

What is Cancer?
Cancer is a disease of the body's cells.  A healthy cell will grow and multiply in a way that is controlled according to it's genetic blueprint but some cells can change and that control can be lost.  The word cancer is given to a collection of these cells.

A Personal Story by Christie Birch

Just about everyone I know has been affected by cancer in some way.  In my own experience our family has been affected more than once.

My Mother was diagnosed with Hodgkin's Lymphoma when she was just 26 years old.  She had 3 kids under the age of 8, had never smoked and lived a pretty healthy lifestyle.  She spent nearly 12 months travelling to and from Sydney for treatment as there were no facilities here in Newcastle.  She was in fourth stage which meant very little to me as a kid, I just knew that the doctor's were going to make her better because that is what doctors do.  In reality my Mum was very ill, the cancer had spread and the odds for long term survival were not good.  Fortunately the doctor's worked their miracles and Mum put up the fight for her life and in her words there was some divine intervention.  26 years later she is still cancer free and has seen the marriage of her kids and the births of her grand kids.

Shortly after Mum's recovery my Grandfather was diagnosed with stomach cancer. Doctor's said that the cancer had gone to far and that there was nothing they could do.  They gave him 12 months to live but only 3 weeks after his diagnosis at the age of 61 he died.  He was one of three brothers who all died before the age of 62 of cancer.

During my highschool years my best friend's brother was diagnosed with testicular cancer at age 15.  Due to the embaressing nature of his symptoms he never sought treatment until the size of the tumour became physically obvious.  By the time he saw a doctor the cancer had spread to his lungs, his stomach and his kidneys.  He was given only a 5% chance of surviving beyond 5 years.  He started aggresive treatment and everyone started praying for a miracle.  He went into remission and is now aged 34 but still lives with the constant fear that the cancer could return at any time.

Next my family suffered the loss of my Uncle and my other Grandfather both succumbing to prostate cancer.  Shortly after this my father inlaw was diagnosed with prostate cancer also.  He decided to not take any chances, they had detected it early and he opted to have his prostate removed.  There was no evidence of cancer anywhere else in his body and so is living proof that early detection works.

Yesterday my Husband and I received a phone call from his Mother.  She had a skin cancer removed from her nose a few months ago and had a follow up biopsy done last week.  The news is not good, they didn't get all of the cancer and she now faces the possibility that the cancer has gone too far.  So we go back to our prayers that have helped in the past and pray that the news will be good.

I could go on and on with the names of friends who have been affected and those who we have lost and I am sure that as many of you read this you will take a moment to remember and honour those whom you know have been affected by cancer.

THERE IS GOOD NEWS......in Australia today 60% of all cancer diagnosis will be effectively treated.

1. Live a healthy lifestyle - prevention is better than a cure so don't smoke, avoid too much alcohol, eat a healthy diet, get some exercise and cover up when you are out in the sun.
2. Check yourself - be aware of any changes in your body and get to the doctor's as soon as possible if you notice anything unusual.  Early detection is paramount to your survival rate.
3. Support research - medical research costs millions of dollars every year.  There are a number of great organisations that raise money for this purpose.  Please support by giving what you can, you never know it just might be you or your loved ones that will be saved by a break through!

AUSTRALIA'S BIGGEST MORNING TEA
May 7th 2010 from 9.30am
Lifestyle House Boardroom - 671 Hunter Street Newcastle
RSVP by May 5th 2010

BUDGETING BASICS

Budgeting, it isn't rocket science but for some people it may as well be.  I am amazed at the number of people I come across that have no money sense.  They earn really good money but just can't stay ahead of the game and are often struggling with large debt.  Then there are the people I meet who don't earn as much but have great financial management skills.

So what is there secret, it is a simple formula  and will work for everyone - spend less than you earn!

When people begin to budget they usually start wrong and so the budget never lasts.  The first step in budgeting should be to keep a money diary for at least 4 weeks.  During this time you need to write in your money diary everytime you make a purchase or pay a bill, right down to the cent.

By keeping a diary like this you will begin to create a picture of your spending habits.  Everyone has heard someone say, "I just don't know where my money goes..." well now you will find out.  Once you see your spending patterns you can begin to create a budget. 

The next step is to seperate your spending entries into WANTS & NEEDS.  A need is something that you or your family has to have in order to live, such as food, clothing, shelter, water etc..you get the picture.  A want is all the other things that you spend your money on, these are more lifestyle items such as a boat, electrical appliances, holidays etc.

Once you have completed this step you will see where you can cut back on your spending.  Even if you only can cut back by $5 a day that adds up to more than $1,800 a year.  Paying off an extra $35 a week on a $200,000, 25 year mortgage will reduce the amount of interest paid over the term by around $12,830.  As little a $20 a week invested with a return of around 6% and you will have $15,000 in 10 years.

The most important thing to do now is to start, the sooner you start the sooner you will be in front.
For more information and tips visit Understanding Money.

How to Reduce Your Insurance Premiums

In these tough economic times many people start cutting back on non essentials. Unfortunately many people consider their personal insurances as being non essential and this could not be further from the truth.

Personal Insurances including life, trauma and income protection insurance provide a safety net for you and your family in times of personal crisis such as suffering a critical illness or injury. Think about it, if you had to stop working tomorrow and couldn't return to work for more than three months, how will you pay your mortgage, your car loans and day to day living expenses? I challange you to sit down and work out just how long you could financially survive!

Many think they will be covered by worker's compensation or sick leave, but what happens if your accident is out of work or you suffer an illness? How long can your boss afford to pay you?

There are many other strategies available to help reduce the cost of insurance. You can now use your superannuation to fund your premiums either from your employer guaranteed contributions or from existing funds in the account. If you make after tax contributions to your super and are entitled to a co contribution from the governement, these can be used together to pay your premiums.

Self employed people can claim a tax deduction by paying through their superannuation and they may be able to claim the government co contribution to help fund the cost of keeping their insurance.

Other ways to reduce the cost include using salary sacrifice through superannuation, approaching your employer to organise some group insurance at your place of work, paying premiums annually instead of monthly and reassessing your level of cover.

Of course you can always shop around and compare prices but not all insurance policies are created equal so it is important to get a licenced adviser to guide you through different products.

The bottom line is that illness and injury happen every day despite the state of the economy. It is important you understand all of your options and get qualified advice. Most advisers will not charge you a fee for this service so it really is important to take advantage of their expertise.

Nobody wants to get sick or injured but we have little control over these events but at least you can take back some control by protecting yourself and your family from the financial strain that often results.

WL

PS. I am more than happy to help anyone who is struggling with paying their insurance to reassess their needs and their options.

PLANNING FOR THE INEVITABLE

• In Australia the average life expectancy is now 81.4 years.
• In the last 12 months 116,000 couples were married, but over 47,000 were divorced.
• 10% of Australian workers are currently unable to work due to a disability or illness.
• 1 in 5 Australian adults will suffer from mental illness.
• 7.4 Million Australians are overweight.
• 100% of Australians will DIE!

I know, it seems like such a morbid thought but like the saying goes "There are only two certainties in life - Death & Taxes". It is funny though that something that is so certain makes us so uncomfortable to discuss with our loved ones, yet we all will have to face our own mortality sooner or later (later I hope)!

Most of us have seen the Will kit ads or the funeral plan and life insurance ads and even ads for the local funeral home. If you are like me they make you feel a little uncomfortable - like it is their personal responsibility to remind us all that death must conquer all. Just as I am getting comfortably deluded that my happy life will go on forever just as it is - proves that insurance salesman are human after all!

Our natural aversion to thinking about our own death often means we a unprepared and leave a mess for our families to deal with after we are gone. This is why it is important to consider Estate Planning.

WHAT IS ESTATE PLANNING

Estate Planning is planning for the process of passing on our assets and possessions to our beneficiaries and planning for their future with out you. It involves creating a Legal Will that reflects the wishes of how you would like your assets distributed and a Financial Plan that ensures your wishes can be met. If you are a business owner there are a whole lot of other issues that also need to be considered such as succession of the business and how any debts will be paid.

WHAT IS A WILL

A will is a legal document that sets out who received your assets after you die. It may also include your wishes regarding your funeral arrangements and appoint a guardian for any dependents under 18 years of age left without a parent. Your solicitor can help you draft a legal will and if necessary will work with your financial advisor to make sure the appropriate structures are in place to carry out those wishes.

THINGS TO CONSIDER IN ESTATE PLANNING

Have you considered your family's need for immediate funds following your death?

Does your estate have sufficient funds to meet your family's future income needs?

Does your estate have sufficient funds to clear any accrued debts?

Do you need to consider personal risk insurance to fund any short fall in your estate to meet your wishes?

Do you have a current and effective Will?

Have you chosen a responsible and trustworthy executor?

Have you considered the timing of the distribution of funds?

Have you taken steps to minimize the risk of you will being challenged?

Have you appointed guardians for your children?

Have you decided who to grant powers of attorney to?

Have you identified capital gains or any other tax issues?

Have you considered whether certain beneficiaries should receive an income stream as opposed to a lump sum?

Does the trust deed of your superannuation fund pay your beneficiaries a lump sum or a pension?

Do you need to make a binding death nomination to ensure your superannuation benefits pass to your intended beneficiaries?

Have you considered if you want to protect your assets if your spouse remarries after your death?

Have you allocated special bequests for valuable items such as jewellery and family heirlooms?

Have you noted any special arrangements, such as care for a disabled child or a child from a previous relationship?

Have you considered how your business or business partnerships will survive you?

As you can see Estate Planning is much more than just a Will. Most people are suprised by just how long this list is, but it is important to think about all of these things and to seek qualified professional advice from your solicitor and financial planner.

It is unfortunate but many family feuds have started with the death of a loved one who had no estate planning or an inadequate will. If you really love your family then take the time to make plans. Dealing with the death of a loved one is hard enough without all the worry and uncertainty.

Please remember this is intended for general information purposes only and should not be construed as financial, taxation or legal advice. Before acting on the basis of this information, you should consider the appropriateness to your own objectives, financial situation and needs. I recommend that your obtain qualified legal advice.