I have been in the personal insurance industry for over 20 years now and it still amazes me the attitude of the average person towards life and disability insurance.
Most people don't see it as a neccessary insurance in fact over 70% of people I come across feel it is more important to have insurance on the family car than on themselves. It astounds me that people really believe living without a car would be more devestating on the family than living without their legs - go figure!
People never value their insurance until they need it and when they do they usually complain they should have had more (and I never say, I told you so). Young people of course believe they will live forever and most people don't start thinking of insurance until they start to feel their mortality.
In saying this I am often suprised when a 45+ customer refuses to want to give out medical information or submit to any mandatory medical tests. They can't understand why they just can't get the insurance with out all the fuss. They think that life insurers are not fair and can't understand that after being admitted to hospital with chest pains they are not a good risk. They often argue that they are the healthiest people they know and maybe they are, but if you build your house on a flood plain you will not get flood cover. If you are a young driver you pay more and so it is the same with life insurance.
The answer is simple, no insurer wants to take on a bad risk. The reality is once you are over 40 your risk for everything sky rockets, so the once 30 year old that could get insurance for less than $500 a year becomes the 45 year old who now has to pay $1,500 a year.
Life insurance and medical insurance are similar in that the earlier you opt in the cheaper it will be and the more likely you will be able to get insurance. A life insurance company doesn't have an obligation to provide you with insurance, it is a privilege not a right.
The best advice, when a young person starts their first job they should see a financial planner. Not only will they get a insurance portfolio that meets their needs they can get help with retirement and investment planning. The adviser should review their situation every year and make adjustments to cover etc as life events unfold. This is the best way to get personal insurance - so if you have a young person starting a new career in your family why not encourage them to start planning for their future now.
WL
Wednesday, December 16, 2009
Diabetes - Alarming Facts
There is an epidemic of diabetes sweeping our nation and if this was a flu virus people would be demanding the government take immediate action. Diabetes effects 150 million people worldwide.
What is diabetes?
Diabetes is a serious health condition that there is no cure for. If left untreated it may lead to heart attack, stroke, kidney failure, blindness and amputation.
There are 3 types of diabetes, Type 1, Type 2 and gestational diabetes.
Type 1
This type of diabetes occurs when the immune system damages the pancras which prevents it form producing insulin. This form of diabetes represents 10-15% of all cases and is the most chronic childhood disease. Typically the onset is abrupt and symptoms are obvious. They can include excessive thirst and urination, unexplained weight loss, weakness and fatigue, muscle cramps, blurred vision, skin infections and some tingling or numbness in feet.
Type 2
This occurs when the pancreas is not producing enough insulin and insulin is not working effectively. It represents 80 - 95% of all cases of diabetes. This type develops in adults over age 45 but is increasingly occuring at a younger age. It is also more prevalent in people with a family history of type 2 diabetes who are from particular ethnic bacckgrounds. Symptoms are very similar to type 1 but some people do not expwerience any symptoms at all and many cases are being discovered by simple screening of blood glucose. Others may suffer a complication such as heart attack. Type 2 can be managed with a healthy lifestyle and regular medical checks. Eventually, however, tablets and or insulin may be needed.
Gestational Diabetes
This type occurs in around 5% of pregnancies. In the majority of women, symptoms disappear after birth. However, this type significantly increases a woman's risk of developing type 2 diabetes. Women over 25 who are overweight with a family history of diabetes or women who have had past gestational diabetes are at an increased risk.
Recent research has revealed that one in 3 Australians living with diabetes will be dead by 2018. The number of Australians developing diabetes each year could fill the MCG. In Australia alone the annual cost of diabetes is estimated to be around 6 billion dollars and the rate of increase this means that Australia will not be able to fund the medical costs into the near future.
How can you ease the burden?
First and foremost take care of yourself. If you are overweight then do something about it now. Try starting with some moderate exercise, 30 minutes a day at a moderate pace is a great start. Then look at your diet and this means not just what you are eating but how much too. The best way is to keep a food diary for a week. Write down everything you eat, how much and at what time, sometimes people just don't realise how much they are eating until it is all laid out in front of them. Once you have your food diary completed you will be able to see where you can start to make changes. Swapping biscuits or cake at morning tea with a fruit salad or low fat/low sugar yoghurt. Replacing whitebread with wholemeal or multigrain. When you go shopping read the labels, not only do you want low fat but also low sugar (carbohydrate).
Second of all you can protect yourself and your family from the financial burden by making sure you have adequate medical and personal risk insurance. Trauma insurance covers diabetes and can be used to help offset medical expenses incurred by treatment.
WL
What is diabetes?
Diabetes is a serious health condition that there is no cure for. If left untreated it may lead to heart attack, stroke, kidney failure, blindness and amputation.
There are 3 types of diabetes, Type 1, Type 2 and gestational diabetes.
Type 1
This type of diabetes occurs when the immune system damages the pancras which prevents it form producing insulin. This form of diabetes represents 10-15% of all cases and is the most chronic childhood disease. Typically the onset is abrupt and symptoms are obvious. They can include excessive thirst and urination, unexplained weight loss, weakness and fatigue, muscle cramps, blurred vision, skin infections and some tingling or numbness in feet.
Type 2
This occurs when the pancreas is not producing enough insulin and insulin is not working effectively. It represents 80 - 95% of all cases of diabetes. This type develops in adults over age 45 but is increasingly occuring at a younger age. It is also more prevalent in people with a family history of type 2 diabetes who are from particular ethnic bacckgrounds. Symptoms are very similar to type 1 but some people do not expwerience any symptoms at all and many cases are being discovered by simple screening of blood glucose. Others may suffer a complication such as heart attack. Type 2 can be managed with a healthy lifestyle and regular medical checks. Eventually, however, tablets and or insulin may be needed.
Gestational Diabetes
This type occurs in around 5% of pregnancies. In the majority of women, symptoms disappear after birth. However, this type significantly increases a woman's risk of developing type 2 diabetes. Women over 25 who are overweight with a family history of diabetes or women who have had past gestational diabetes are at an increased risk.
Recent research has revealed that one in 3 Australians living with diabetes will be dead by 2018. The number of Australians developing diabetes each year could fill the MCG. In Australia alone the annual cost of diabetes is estimated to be around 6 billion dollars and the rate of increase this means that Australia will not be able to fund the medical costs into the near future.
How can you ease the burden?
First and foremost take care of yourself. If you are overweight then do something about it now. Try starting with some moderate exercise, 30 minutes a day at a moderate pace is a great start. Then look at your diet and this means not just what you are eating but how much too. The best way is to keep a food diary for a week. Write down everything you eat, how much and at what time, sometimes people just don't realise how much they are eating until it is all laid out in front of them. Once you have your food diary completed you will be able to see where you can start to make changes. Swapping biscuits or cake at morning tea with a fruit salad or low fat/low sugar yoghurt. Replacing whitebread with wholemeal or multigrain. When you go shopping read the labels, not only do you want low fat but also low sugar (carbohydrate).
Second of all you can protect yourself and your family from the financial burden by making sure you have adequate medical and personal risk insurance. Trauma insurance covers diabetes and can be used to help offset medical expenses incurred by treatment.
WL
Thursday, November 19, 2009
Kurt Fearnley - Civic Reception
Newcastle paralympian Kurt Fearnley has just completed the Kokoda Trail which is an amazing accomplishment considering he had to crawl the entire 96 km over the last 11 days.
There will be a featured article in this Saturday's The Herald detailing the monumental effort! Which leads to me to suggesting that Newcastle City Council should host a civic reception and give Kurt the keys to the city.
Surely if we can acknowledge the achievements of our other sporting teams such as the Knights and the Jets we can formally acknowledge this fantastic individual for the courage and determination he has shown.
I would like to urge all who agree with this to contact their local member for council and/or state member or click on the NCC link and leave a comment of support.
http://www.newcastle.nsw.gov.au/news__and__events/newcastle_voice/contact
Come on Newcastle let's get behind Kurt.
WL
There will be a featured article in this Saturday's The Herald detailing the monumental effort! Which leads to me to suggesting that Newcastle City Council should host a civic reception and give Kurt the keys to the city.
Surely if we can acknowledge the achievements of our other sporting teams such as the Knights and the Jets we can formally acknowledge this fantastic individual for the courage and determination he has shown.
I would like to urge all who agree with this to contact their local member for council and/or state member or click on the NCC link and leave a comment of support.
http://www.newcastle.nsw.gov.au/news__and__events/newcastle_voice/contact
Come on Newcastle let's get behind Kurt.
WL
Tuesday, November 17, 2009
Thursday, November 5, 2009
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.
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.
Thursday, October 22, 2009
Osteoporosis Day
Well Tuesday was World Osteoporosis Day! The day is used to highlight the very real problem of Osteoporosis.
Osteoporosis is a disease in which bones become brittle due to a decrease in bone density. One in three men and one in two women over the age of 60 will get osteoporosis, they are quite staggering statistics and as I am hurtling towards that age group myself I thought I would look into the causes.
Your bone's health depends on a number of factors such as your genes, your level of hormones, your diet and lifestyle. As we get older our hormone levels change and we tend to be less active and often don't eat well because we are on some crazy diet or we just don't have time!
So what can you do to ensure your bones are getting the best chance to last the distance? Check out the Osteoporosis Australia website you'll find lots of information on how to reduce your risks and treatments as well.
Remember you want to enjoy retirement so make sure you take care of those bones now!
WL
Osteoporosis is a disease in which bones become brittle due to a decrease in bone density. One in three men and one in two women over the age of 60 will get osteoporosis, they are quite staggering statistics and as I am hurtling towards that age group myself I thought I would look into the causes.
Your bone's health depends on a number of factors such as your genes, your level of hormones, your diet and lifestyle. As we get older our hormone levels change and we tend to be less active and often don't eat well because we are on some crazy diet or we just don't have time!
So what can you do to ensure your bones are getting the best chance to last the distance? Check out the Osteoporosis Australia website you'll find lots of information on how to reduce your risks and treatments as well.
Remember you want to enjoy retirement so make sure you take care of those bones now!
WL
Tuesday, October 6, 2009
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