Insuring against a cancer shock

Cancer is a devastating illness – not just for the person who suffers from it, but also for those around them. When cancer strikes, money is usually the last thing on anyone’s mind, but once the dust settles, the financial stress caused by cancer can be much greater than expected and may even lead to new problems. A client was recently diagnosed with cervical cancer. Read her story to find out how Trauma Insurance Cover provided her with a financial helping hand. 

Sarah’s story:

Working as a primary school teacher in regional Western Australia meant that Sarah led a hectic life. At age 46, with two small children and a class of Grade 4’s during the week, there was rarely a dull moment.

Sarah had visited her local doctor for a pap smear. Three days after the screening test, her GP had called to say the test had returned an abnormal reading and that she was referring Sarah to a specialist gynaecologist in Perth.

The following week, Sarah took a day off work and drove to Perth. The specialist arranged for a biopsy and explained that the results would reveal whether cancer was present. The result confirmed the presence of abnormal cells on her cervix with a ‘CIN 3 grading’. The specialist explained that this was a pre-cancerous growth that had been picked up at a very early stage.

Sarah would need a minor operation to remove the area where abnormal cells were present, followed by pap smears every six months for the first two years. If the results were normal, she’d then have check-ups annually. The good news was that she’d more than likely make a complete recovery.

A year before Sarah’s initial screening, she’d discussed her insurance needs with her insurance adviser. Her adviser recommended a Trauma Insurance Plus Plan with a sum insured of $200,000.

Once Sarah was diagnosed with the early stages of cervical cancer, she notified her insurer and received a lump sum payment of $20,000. The sum insured (benefit) is $200,000, so Sarah would be entitled to claim 10 per cent of the benefit ($20,000) for this trauma event, based on having purchased a Trauma Insurance Plus plan.The insurance payment meant she didn’t have to worry about taking time off work or the cost of travelling to and from Perth for appointments, allowing her to focus on her treatment and getting better.

With rapid improvements in modern medicine, many people who suffer a trauma such as cancer, heart attack or stroke can expect to survive and recover to live long into the future.

Trauma insurance can step in to provide a financial helping hand and help you to maintain the quality of your life, in the event that you suffer a traumatic event.

For more information on how Momentum Wealth can assist you with your Risk Insurance needs, contact Justin McManus on 1-800-000-159 or email info@momentumwealth.com.au

Justin McManus is a representative of AXA Financial Planning Limited, ABN 21 0005 799 977 AFSL 234663. This information has been prepared without taking account of your objectives, financial situation or needs.  Before acting on this information you should consider its appropriateness, having regard to your objectives, financial situation and needs. 

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