It may just be a coincidence but Father’s Day, which is being celebrated this weekend, is timed in the same month where we acknowledge the fight against Prostate Cancer as part of Blue September. As the website blueseptember.org.nz puts it,
“Every year around 600 men die in New Zealand of prostate cancer. That is more than 600 fathers, sons, brothers, grandfathers – gone!”
However, deaths from prostate cancer can be prevented if the disease is detected early enough, which is why it’s a good reason that if you are male and over the age of 40, that you consider having a Prostate check carried out. Initially this is just a simple blood test to detect if there is anything that may require further investigation. While around 3000 cases are registered each year, for most men the test comes up clear. But that’s not the end of the story. It’s not just contracting the cancer that can have a major impact on the lives of those with the disease and their loved ones. Often it is the financial impact of a critical illness that creates additional stress.
To help alleviate this impact and relieve the stress, there is an option to protect the family budget and assets if you need to take time off work to get well. That option is Trauma or critical illness cover. Not all Trauma or critical illness policies are the same though. Some will cover a wider range of medical conditions while some may only cover the main contenders. There will also be a large variance in premium costs between providers and it is therefore important that you look at your options from a number of different providers. This hunting around can be done by a registered adviser who should also be able to provide you with an explanation of differences between the different covers available, saving you valuable time and money in the process. There may also be variations in additional features available from the differing insurers offering the product as well as differences when it comes to the claims payment statistics of different providers.
The level and type of cover you will require will depend on your current position and whatever is important for you to protect, so a free assessment with your registered adviser to develop a plan is a great place to start. The key thing to remember is that any plan should make sure that if a claim needs to be made that your adviser can help you to make sure that the right money goes to the right place at the right time to protect Dad’s, brother’s, son’s and their families. To finish off, we’ll leave the last word with the argument put forward by the late Dr Barnard, the person who first developed Trauma insurance to help those patients who survived previously fatal conditions.
He stated that,
“as a medical doctor, I can repair a man physically, but only insurers can repair a patient's finances”.
Just think what a perfect gift, protection for your family would make this Father’s Day.
