TRAUMA INSURANCE

WHAT IS MUM WORTH?

We hear it from our clients all the time when we are discussing income and what each partner earns. The words from a stay at home parent – “Oh, I don’t need insurance, I just stay at home with the kids!”

We can often de-value what a stay-at-home mother is really worth. I was guilty of this when I was not working and raising our children. The fact that she isn’t earning an income means a lot of people tend to think that insurance isn’t necessary. After all, she’s not contributing in a financial manner, so why would you need to insure her in such a way?

But picture this. Mum has an accident or illness and is hospitalized. Immediately Dad becomes the sole carer for the children. Dad is well insured and has income protection but guess what – his income protection doesn’t cover him for time off to look after the kids. Suddenly Mum doesn’t seem so worthless anymore, does she? There are school lunches to pack, dinners to prepare, clothes to wash, household bills to pay, sport to run the kids to…. and all this while you’re likely to be travelling back and forward to hospital to visit your loved one. And trying to squeeze in some work somewhere to keep the money coming in.

Yes, we can rely on family if we have a good support network, but it’s important to note that there are 2 types of insurance that you can have for a stay-at-home parent that we consider essential.  One of these, and the most likely one to claim for is Trauma insurance.   Trauma insurance covers around 40 specific health events, and if you are diagnosed with one of them you may be entitled to a lump sum payout. This lifts the financial burden of the illness or injury and allows the income earner some breathing space to help out more.

So – what is Mum worth?  Trauma Insurance could be the most important of all your insurances!

If you need help or have questions about Trauma Insurance give us a call on 08 6267 2233

SHANNON BENNETT

Southern Cross Financial