Much of the advice we give as Financial Advisers is around preparation. Sure, we can get you a home loan if it’s taken you awhile to get your income and savings where they need to be. Or we can get you that life, health or income insurance policy if you’ve left it awhile before realizing that it really is something you need to have.
At Thompson McNeill we have sometimes managed to get these things arranged for clients who are well into their fifties and who are very grateful for the advice and the chance to realize dreams that were previously just a little out of reach.
Having said all of the above, these challenges of older age can produce additional costs and sometimes risk exclusions, or when it comes to home loans - shorter loan terms that make that mortgage instalment just a little more of a drag on the budget.
Just looking at some claim statistics provided by one of our major health insurers, in 2018 it paid an average claim of $55,000 to five clients aged between 21 and 30, for claims such as radiation therapy or Posterior Thoracic Fusion. It’s great that these claimants had the necessary cover – but it would have been a major challenge for them if they hadn’t.
A doctor once said that we can get away with some risks to health in our 20’s and 30’s but from age 40 sometimes those health chickens can come home to roost!
If you think you might need to just have a look at some of these things, give us a call on (03) 281 8605 or email us on: