What happens if you get sick or injured?

24 Jan

The thing about serious illness and accidents is, you never know when they are going to strike.  You always think “it’s not going to happen to me.” But what if it does?  A year ago, nearly to the day, I broke my wrist NON CONTACT sparring the very first (and only) time I tried a Taekwondo class after having kids (I used to do taekwondo competitively when I was a kid).  It was so hard looking after the kids with one hand (which wasn’t even my preferred hand, since that one was broken), pushing a double pram with one hand, riding the bus everywhere since I wasn’t allowed to drive, picking a very young Daniel up all the time, etc.  I still could though.  Just.  What if I got an injury that meant I couldn’t? Aaron has to go to work, or we don’t earn money and can’t pay the bills.  What could we do?

Today’s sponsored post gives an option:

So I’m worth $96,261 p.a. to my family as a home maker; what happens to my family if I’m unable to contribute as director of household management?

If being a home maker earned an income, the estimated annual income is estimated to be $96,261 p.a., but there are many facets of household management that no price tag could compensate for!

home makerBeing a home maker means wearing multiple hats, sometimes more than one hat at a time; a home maker is an educator, personal trainer, personal assistant to our children and a mediator just to name a very few! If you sat down and wrote a list of what you did day-to-day and worked out what the job duties of a home maker actually were, the estimated $96,261 may not feel fair compensation!

More than the usual things like cleaning, driving, caring for children and home maintenance; being a homemaker comes with many things that money cannot compensate for.

What if sickness or injury occurred and you were no longer able to contribute to the running of the household? This would impact different families in different ways; would the main income earner still be able to work whilst taking over the domestic duties? Would you need to hire domestic assistance? If you are a single parent, if you were disabled would you still be able to provide your children with the same level of care?

The effects can be devastating to a family. With the loss of the homemaker and the potential loss of income from the main income earner or the added costs of domestic assistance; the financial strain on a family can be long lasting, not to mention the added overall stress of being ill or injured.

Historically, if this were to occur, families would need to cope on their own. However with the vital need for some form of financial assistance on the event of disablement of the homemaker, insurance companies in 2012 have started offering products specifically for homemakers.

A more specific policy now available is a Homemaker Income Protection policy. A new product to the market, the Homemaker Income Protection policy can provide up to $5,000 per month for up to 2 years, some with paying automatic payments for certain illnesses like cancers, heart disease and stroke. Coverage is 24/7 and provides a benefit for major sicknesses and injuries. There are also options to cover children!

Primoris Financial has been assisting homemakers protect themselves against illness and injury since the introduction of these products and offers a 20% Cash Rebate on first year premiums for new policies! The cost of this coverage can be surprisingly low and Home Duties Income Protection Quotes can be requested online!
The value of a home maker cannot be understated nor can the value of protecting the homemaker against illness and injury.

*This post is sponsored by Primoris Financial and written by . Benjamin Irons is a financial adviser with Primoris Financial. Primoris Financial compares 12+ major Australian Life Insurance Companies to find competitive policies for clients Australia wide.

Benjamin Irons is an authorised representative of Millennium3 Financial Services Pty. Ltd. AFSL 244252 ABN 61 094 529 987. The information is general in nature and may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice.

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Copyright 2013 Sheri Thomson

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