The ability to enjoy a 'no expense spared' recovery should not be
restricted to the rich and famous. Thanks to insurance, it's not.
Many Australians will be familiar with Richard Hammond, one of the three hosts of the hugely popular Top Gear television show. Whilst many will be aware that a few years back he almost lost his life in a jet car accident, fewer will be aware of what he and his family went through during his recovery.
A few years ago I read Hamster's book, which was co-written with his wife. The book tells of the extremely difficult road to recovery, including months in hospital before he and the family rented a home in a secluded area of Scotland, where they had people to ensure everything ran smoothly. During the whole recovery his wife was able to stay by his side and concentrate on the most important thing - getting Hamster back to full health.
Whilst reading the book, I couldn't help but think about the enormous cost that would have been involved in the recovery. I thought to myself, it's okay if you're a television star and have buckets of cash, but this just wouldn't be possible for 'normal' people.
For most people, there would be mounting bills to worry about, the healthy partner would have to return to work and alternative care would be needed for the children. Forget about renting a house in the country or by the beach to aid the recovery process, you'll be more worried about making the next mortgage payment.
So is this another example of the gap between the rich and famous, and the rest of us? Not if you have a good financial adviser.
A good protection plan will ensure that anyone can enjoy the type of recovery that the Hamster enjoyed.
Income protection insurance can ensure you still receive an income during the recovery period, and can concentrate on recovery rather than worrying about bills.
Trauma insurance, which pays a lump sum in the event of certain trauma events, provides the additional funding required for such a recovery.
The lump sum could be used to pay for the best medical treatment and any associated travel expenses. You could repay the mortgage in full to give you one less thing to worry about, and like Hamster, you could relocate your family to the place that will best assist your recovery.
So whilst we can't guarantee that you will recover from such an event as well as Hamster did, we can help you put in place a protection plan that gives you access to the same resources available to the rich and famous.
For more information please visit our pages on income protection and trauma insurance.