I was a successful dentist for about twenty years. I initially worked in NZ, then Australia and the Middle East.
My wife and In returned to NZ in 2001 and I bought into a dental practice in the Eastern Suburbs.
On arriving, I purchased income protection insurance. I remember my wife saying to me "why are you paying for that?". I was healthy, had never had a major health problem and was young.
As my income went up, I increased my policy benefit and really, apart from that, never really thought about my insurance. It was 'just there'.
Until...... the balloon went up and I suffered a disability, causing me to leave the dental profession.
Funny thing is when something like that happens, the first thing you think about is 'who can help me?'.
If I had no insurance the sad answer would have been ' no-one'. I would have been unable to provide for my growing family and I would have been at the mercy of well-meaning and probably resentful relatives, who would have been muttering "why didn't he have insurance?'
Because of insurance, I could pick up the telephone and talk to my adviser and help was on its way. I shudder to think what would have happened if there was no one to call.
Because of insurance, family life never missed a beat - the children's lives weren't affected - they managed to be able to play sports and go to events. My wife didn't have to go out to work to support the family and I was able to take time to get better.
When you think about it, when I got insurance, I insured my most valuable financial asset, which was not my house or my car - it was my ability to earn an income.
My story is relevant to everyone who reads this whether married or single.
Ask yourself, "what would I do if I couldn't work for a year or ever again?"
It doesn't matter how much money you have in the bank - when the money stops flowing in, you are on a countdown until it runs out.
Don't let this even be a possibility for you. You need income protection cover and life insurance as a bare minimum.
If you are in a hospital bed and everyone is running out of the room, your insurance guy is the guy running into the room with a cheque in his hand!
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