Why your financial health matters

Oct 1, 2013

Spring is here and recent campaigns like Daffodil Day and Pink Ribbon Day serve as timely reminders for us all to take a few minutes to think about our physical wellbeing.

Sadly, that number is growing every year. Kiwi women need to pay particular attention to the risks - we have one of the highest rates of breast cancer in the world. Every day up to seven New Zealand women will be diagnosed with breast cancer. It could happen to you, your partner, your mother, your daughter or sister.

While the statistics are scary, with new treatments and early detection, thankfully most women can survive a diagnosis of breast cancer and go on to live long and healthy lives. Most of us know that the key to beating cancer is early detection and healthy living, however we often overlook how having cancer would affect us financially.

What would happen if you needed treatment and had to take some time off work? Who would look after your household? Would you need to pay for childcare? How will you cover your mortgage payments and continue to take care of all your regular expenses like bills and food?

The truth is, your physical wellbeing is often linked to your financial wellbeing. Ask yourself, do you have the right financial covers in place to protect yourself and your family if you were diagnosed with an illness like breast cancer? Protecting yourself from the financial risks of breast cancer (or other critical illnesses) is straightforward and there are some very affordable insurance policies on the market which will give you the peace of mind you need, whatever your budget.

There are comprehensive trauma plans available when cover in excess of 40 specified conditions or you can select a cancer only policy as a more affordable option. A growing number of insurance companies are starting to take family history into consideration much more as part of their underwriting criteria. For example, medical research shows that 5% to 10% of breast cancers are hereditary. Therefore, if you are thinking about putting some cover in place then it’s probably in your best interest to arrange this without delay.

As an adviser, having dealt with three separate breast cancer claims in the last five months, I cannot stress the importance of having adequate protection in place. As with all insurances, what financial protection you need depends on your personal circumstances and budget. Remember, it pays to plan with Foresight.

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At Foresight Financial Planning we offer free advice and consultations. To get in touch with us, please call (06) 751 4510 or email mik[email protected]

A free disclosure statement is available on request.

Foresight Financial Planning received HighlyCommended in the New Business Excellence category in the Taranaki Business Awards 2013.