Daniel Brown, Senior Financial Planner and Partner at Newcastle Financial Planning

With end of financial year pretty much upon us, it’s a good time to reflect and see how we are tracking in terms of our goals. One thing that is really top of mind for me at the moment, which I’d like to share with you is: I’ve recently been dealing with a continued thought process, “could I have done more?”

A friend of mine aged in his early 50’s had an accident a few months ago which has resulted in him being diagnosed as a quadriplegic. Basically he now has no feeling from the neck down. The last discussion I had with him was this time last year, in a social environment, not unlike many other times we had spoken before…

When I first heard of his accident and diagnosis, it left me thinking for over a week, could I have done something more to ensure his family was taken care of, or more importantly could I have had a discussion and asked, “is there anything I could do to help you ensure your family is taken care of if you lost your life or became permanently disabled?”

My friend is married with two teenage children, self-employed, extremely fit, outgoing and loves the outdoors. However it appears he had next to no insurance or superannuation in place.

So many times with clients and friends I have explained the benefit of total and permanent disablement (TPD) insurance and used the extreme example of someone possibly becoming a paraplegic and restrained to a wheelchair. I never thought it would be someone I know who would become a quadriplegic and most likely requiring breathing assistance and long term likely living in an aged care facility.

It’s had me thinking and reflecting. What if this was one of my family members or a really close friend, could I face up to their partner and children and know that I’ve provided peace of mind and accurate and timely advice to help support them in their time of need?

I think the answer is yes. However, my questions then turned to how many of the team I work with each day have appropriate cover, how many of my existing clients who I have built long term relationships would be asking the same questions if they found themselves in the same position as me?

What I do know, is whether it be a friend, parent, children or another family member, everyone should receive financial advice. I know from the last 10 years I’ve been able to share some of my knowledge which has made a difference to people’s financial arrangements, increased their protection and will benefit the individuals and their families.

So where to from here? How can I make sure everyone I know is taken care of and I have peace of mind, I just need to ask! And I ask for your support, in sharing this story and encouraging your friends and family to make sure they have adequate cover and a plan in place.

Fin health check

Disclaimer: This editorial provides general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your particularly investment objectives, financial situation and individual needs. Charter Financial Planning and its authorised representatives do not accept any liability for any errors or omissions of information supplied in this editorial. Charter Financial Planning Limited ABN 35 002 976 294 AFSL Licence No. 234665. Principal Address 750 Collins Street GPO Box 2830AA Melbourne VIC 3000.

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