A day in the life of Angelina Jolie

30 Jul 2013

By Belinda Von Knoll

Imagine being able to spend a day in Angelina Jolie's shoes – a life filled with wealth, movies, fashion, working with the UN, looking after a brood of children and to top it all off having Brad Pitt as a partner! A wonderful thought but what if it was the day she realised her best option was to have a double mastectomy due to a family history of cancer?

Even the rich and famous are not immune to the trials and tribulations of life, however Angelina probably didn't have to worry about the cost of treatment or taking time off work to recover. If you are one of the unlucky people who is diagnosed with cancer then life will become focussed on the treatment to beat the disease. At times like this it is critical not to have financial burdens in an already stressful situation. Not all of us are lucky enough to have Angelina's bank balance and this is where insurance can save the day and therefore critical.

Trauma insurance pays a tax free lump sum on diagnosis of serious illness such as cancer, heart attack, multiple sclerosis, stroke or injuries like serious head injury, blindness or becoming paralysed. In addition partial payments can be made for the less serious conditions such as benign brain tumours, angioplasty and early stage prostate.

Trauma insurance gives you the financial peace of mind allowing you to focus on the main game of recovery.

Trauma claim proceeds can be used for:

  • Choice of medical care and treatment
  • Transport and accommodation
  • Financial relief
  • Debt reduction

A common perception many people have about insurance is you pay the premiums but when you make a claim those nasty insurance companies will do anything to avoid paying. This is not generally the case but it does raise the importance of making sure you pick the right policy with a reputable company who has a good claims payment history. This is something your financial adviser can assist you with.

Insurance claims do get paid out every year by many companies. If we take one example, Asteron, a well know insurance company, paid a total of $248 million to their customers in 2011 - a total of over 3,400 claims. Of this total $59.3 million was for trauma claims and over 62% of the trauma claims were for cancers.

It's important to remember that cancer is the leading cause of illness and death in Australia. According to the Australian Institute of Health and Welfare, one in two Australian men and one in three Australian women will be diagnosed with cancer before they reach 85. The good news is that Australia's medical facilities and doctors are typically of a high standard so if you are diagnosed early, in most cases you will go on to lead a full and healthy life.

But would it not provide peace of mind to at least know that if you are the one in the one in three women diagnosed, you will receive payment of your trauma insurance and have the peace of mind to concentrate on getting better?

More importantly if you are considering trauma insurance I suggest speaking to a financial adviser as they can recommend the best policy for you.

The one thing we all know about walking in Angelina's shoes is that when we take them off we do not get to keep either her wealth or Brad Pitt!

To learn more about Belinda, view her online profile.

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