Michael and Sara, a young couple in their late 20s walked into our office for personal insurance advice. Like many others, the reason was well justified, having a 18 month old child, one income source and mortgage to pay. We spent time identifying what was important to them and how much was a money figure to minimise the risk should an unfortunate life event happen. 2nd appointment was scheduled in the following week as I would need time to conduct research and formulate the strategy.
Michael rang back the day prior to our 2nd meeting.
“I have to tell you Max… Sara went to see her doctor for a routine pap smear test yesterday and was found cervical cancer…..Can she still have the insurance?…..”
The possibility was declined by every single insurer. I started questioning myself if I had made everything clear enough to them during our meeting? What if I had asked them if they had any doctor’s appointment scheduled? What if I had seen them earlier?….
When considering life insurance there is one requirement that generally would not be needed for setting up any other type of insurance – your health condition. Don’t take good health for granted, risk is something that cannot be calculated. Sort out the Plan B for life before it is too late.
Note: names changed for privacy reason