Case Study:
Are you adequately insured?

The following is a recount from an AP family member after a trialling experience for him and his family and highlights the importance of having adequate financial protection in place for the security of not only yourself, but your loved ones should the unthinkable occur.

The 5Ps: Proper preparation prevents poor performance

That was what kept coming to my mind, time and time again.

Was I prepared? No, I was not.

I had always worked hard, all my life. Always fit and healthy. I always had the mindset that I’d always be able to work. I never imagined I’d become ill or unable to work for any longer than a few weeks at a time. Always figured I’d have enough sick and annual leave to take care of me. I have no major health issues. I’m a young; fit; healthy man. I’m a mechanic and good with my hands. I had always assumed I’d be able to work in some way. I’d always have money coming in and would always be able to provide for my family. As it was, I had a great job with good money, good people and good conditions, what could go wrong, right?

And then something happened that changed everything. The unimaginable happened. I got sick, I mean; really sick. In the space of about two months, I’d lost my ability to walk, I was struggling to breathe, and my hands were slowly becoming paralysed. I used up all the sick leave and annual leave that I had, and I had no way of replacing the wage I’d just lost. I had no income insurance.

I wasn’t going to get better in the immediate future and time was running out. The medical team were at a loss as to what was going on with me and without a diagnosis; I was left totally in limbo.

Without a diagnosis I did not qualify for any financial help from the Government, nor did I satisfy the conditions needed to access what little TPD Insurance cover I do have. I had no income. No way of providing for my family. And if the worst was to happen, I realised I didn’t have enough Death Insurance either to support my wife.

I’d stuffed up big time.

I wasn’t prepared and my lack of preparation made life more challenging for those I love most. If I had just taken the time to make sure I was adequately insured should the worst happen. I wouldn’t have had to watch my wife continue to work whilst caring for me. If I had adequate income insurance; things would have been different.

It’s one of the biggest regrets of my life.

After about 3 ½ months, the medical team determined that I had a very rare case of Transverse Myelitis from having contracted COVID-19 months prior. But this was only a working diagnosis and still left me without any long-term direction. It’s taken over 8 months; including several hospital stays and some serious intensive physiotherapy to get me back on my feet. And I’ve had to rely on the generosity of so many people. A debt I’ll never be able to fully repay. All because I didn’t have adequate insurance coverage.