In 2010, Wendy was diagnosed with rheumatoid arthritis, an incurable and debilitating condition that changed her life overnight.
At the time of her diagnosis, Wendy, then 47, was loving life, enjoying peak career success working for a pharmaceutical company, and a newfound romance with David, whom she had met six months earlier. At first, Wendy was unable to comprehend the reality of what lay ahead. Just six weeks after her diagnosis, crippling pain meant Wendy could no longer perform her normal duties at work. When it became clear she would have to leave the job she prided herself on and which she loved, the mum of three was devastated.
Just six months prior to her diagnosis, Wendy had met with a financial adviser who suggested she take out income protection. Fortunately, Wendy listened and now, looking back, says it was one of the best decisions she had ever made. She often thinks about what her life would have been like had she not had the financial support income protection provided.
Rather than worrying about how she was going to pay her share of a new mortgage and meet her medical expenses, Wendy could focus on her treatment, and adjusting to a new life that was never part of the plan. It took three years to get her condition to a manageable level and this is where the income protection really assisted Wendy and her family.
Today Wendy is enjoying working part-time as a first aid teacher and keeps her RA symptoms under control through a strict vegan diet and plenty of exercise, especially swimming and cycling. Her health continues to have its ups and downs but her focus now is on staying well and managing her symptoms.
Hope for the best but plan for the worst
This case isn’t unique and instances like this can be found all across Australia, however Wendy was able to manage her financial situation through utilising her income protection insurance. It can make a significant difference by removing additional stress and allowing you to concentrate on recovery. Income protection is just one component that forms a comprehensive financial plan. It may be important to know which options could be available to try and help protect you and your family’s future, in the event of any unforeseen sickness or injury. If you’re unsure of your financial protection requirements, speak to your financial adviser today. They’re here to protect and build your wealth.
General Advice Disclaimer
The information contained in this article is general in nature and does not constitute personal financial advice. It has been prepared without taking into consideration your personal objectives, financial situations and needs. Before acting on any information contained in this article you should consider the appropriateness of the information having regard to your objectives, financial situations and needs.
By Bhina Paramanathan
Senior Financial Adviser