Have you had the discussion with your partner?

Financial Planner

By Erryn Langley

Jane (not her real name) rang me up last week. Jane was a member of one of the network groups I attended and I had not seen her around for quite a few months. This was not unusual for Jane as she would often be away on holidays. Jane and her husband love to ski and they would take every opportunity to travel and ski when and where they could whilst doing their work around their skiing trips.

We talked for a while and then Jane wanted to share with me some news… her husband has lymphoma. Her husband had gotten really sick recently whilst they were overseas on one of their ski holidays. Initially, they thought he had a bad cold or the flu but he could not seem to get over it and he started getting worse. They decided to go to the local hospital near the ski fields but received no conclusive answer so they decided to cut short their trip and return to Australia. After seeing their local doctor, they were provided the bad news a week later.

Jane, being the fighter she is, told me that it was one of the more aggressive types of lymphoma, which apparently was good news, as it is one of the rarer types that is easier to combat, and has a higher chance of recovery.

I was saddened by the news and when it was appropriate to do so, I asked her a question that no one had yet asked her. I asked her if she knew what personal insurances her husband had in place. Jane had already shared with me during our conversation that their circumstances had changed and she was reviewing all her financial options now that she was looking after her husband. Initially, she did not understand what I meant and I explained that he might have personal insurance cover in super or a policy outside of super and that one of these policies e.g., Income Protection, could help cover some of their medical expenses and/or loss of earnings if a claim was put in. Jane had not even considered this and admitted to me that she had no idea what her husband had in the way of personal insurances. She said she would look into it after she spoke with me. Jane suggested I should write about this and so here we are.

Personal insurances, such as life insurance, disability insurance, and critical illness insurance, can provide financial security for both you and your partner in the event of an unforeseen circumstance. For example, if your partner were to become seriously ill or pass away, having appropriate insurance coverage could help alleviate the financial burden and ensure that you and your family are taken care of.

Additionally, personal insurances can be particularly important if your partner is the primary breadwinner in your household. Without adequate insurance coverage, the loss of their income could be devastating for your family. However, if they have appropriate insurance coverage, it can provide a safety net and ensure that you and your family are financially secure, even if your spouse/ partner is unable to work.

Furthermore, personal insurances can also provide peace of mind. Knowing that your partner has appropriate insurance coverage can alleviate some of the stress and anxiety that can come with unexpected events. It can help you feel more prepared and in control, knowing that you have a plan in place to handle any potential challenges that may arise.

So, with all these potential benefits in mind, it may be worth knowing whether or not your partner has personal insurances. However, it's important to approach this topic delicately and respectfully. Some people may feel uncomfortable discussing their finances, or may not want to disclose personal information about their insurance coverage even to their partner. It's important to respect your partner's wishes and boundaries when it comes to discussing these topics.

If you do decide to broach the topic of personal insurances with your partner, it may be helpful to start the conversation by expressing your own concerns and priorities. For example, you could explain that you want to ensure that your family is financially secure in the event of an unforeseen circumstance, and that you're curious about whether or not your partner has appropriate insurance coverage to help achieve that goal.

It may also be helpful to approach the conversation as a team effort. Rather than trying to dictate what your partner should do, work together to explore your options and come up with a plan that works for both of you. This can help ensure that both you and your partner feel heard and respected, and can help you reach a mutually beneficial decision. In conclusion, knowing whether or not your partner has personal insurances can be important for your financial security and peace of mind. However, it's important to approach this topic delicately and respectfully, and to work together as a team to come up with a plan that works for both of you.

If you or your partner require a review of your personal insurances, or would like to know how much cover you ideally should have in place, then consider having a discussion with your local financial planner. If you do not have a local financial planner than reach out to Erryn or Warren from Find Wealth or call Find Insurance on 1300 88 38 30 and they will organise a time for you to speak to an advisor and help you find the right cover in place for you or your family.