02 Apr 2014

Financial advisers had a role to play in educating their clients about stroke risk and the importance of being financially protected, according an insurance executive.

“While we sometimes think about the physical and emotional effects of a serious illness on our lives or our family, we don’t always think about the financial impact until it is too late,” Macquarie Life head of underwriting and claims Dr Sally Phillips said yesterday.

“It’s important that, as a community, we build awareness of stroke and educate on prevention, but also that advisers explain the wide-reaching financial considerations and encourage their clients to take precautions as part of the financial planning process.”

The cost of stroke per person varied widely and treatment costs could be considerable, making advisers instrumental in assisting clients with how to financially safeguard themselves, Phillips said.

“Although this is the payout nobody ever wants to need, it is very important that stroke survivors and their families are able to focus on the critical aspects of care and recovery, without worrying about financial issues,” she said.

“It is therefore important for advisers to help ensure clients have the correct type and level of insurance in place to help safeguard against these issues.”

Stroke was Australia’s second biggest cause of death, with a stroke occurring every 10 minutes, and one in six people would have a stroke in their lifetime, according to the National Stroke Foundation.

In 2012, more than 420,000 Australians were living with the effects of stroke and the number of stroke survivors was set to increase to 709,000 by 2032, according to research by Deloitte Access Economics.

A great article written by Kate Kachor in the financial observer.

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