Insurance benefits: The payout is only the beginning

His beloved wife, Imogen*, and three daughters are his pride and joy.

They’re the reason he wakes up in the morning and goes to work, despite being diagnosed with terminal cancer.

It was with the idea of them in the back of his mind that at 32 years old (almost five years before he met Imogen), Anthony* took out life insurance including income protection and trauma cover, in anticipation of one day having a family.

It was remarkable foresight, as Anthony knew that as a young man, he’d be able to secure comprehensive cover relatively cheaply before the general decline that comes with age.

“I thought about the cost of insurance premiums against the potential financial consequences of getting sick or injured and I decided it was worth it, even though the risk of me getting sick was statistically low at the time,” he says.

“I always knew I wanted to be a dad one day. I originally took out cover to protect myself and my future, but as I got older and my circumstances changed, maintaining cover year after year became about protecting Imogen and the kids.”

Anthony could never have imagined being diagnosed with Stage 4 prostate cancer in his early 60s and given just five short years to live.

A successful round of chemotherapy treatment extended his life expectancy by a couple of years and he’s hoping to defy the odds to live long enough to see all his daughters graduate from high school and university, and kick off their careers.

“Being a husband and father is the most important thing to me. I know what’s coming down the line for me in one respect, and I know what’s coming down the line for them. They will be taken care of financially and I feel much better knowing that,” he says.

“The certainty that life insurance provides is two-fold. Of course there’s the inevitable payout but it has been so important for my emotional and mental state too. After I die, my wife and kids will go on living and I want them to have financial security.”

In addition to life insurance, Anthony also has trauma cover. In 2019, Anthony and Imogen reviewed their insurances with their financial adviser and moved to ClearView. His ClearView trauma policy paid out upon his diagnosis, enabling Anthony to step back from full-time work. It helped Anthony and Imogen pay off their home, cover medical expenses and plan for the future.

I still have dark days but I feel much better knowing that ClearView is there for us.”

As his health deteriorates, Anthony plans to gradually wind down his work commitments but not before mentoring his eldest daughter, who is currently at university completing an accounting degree, to help run the family accounting business.

“I’m so grateful that I got great advice and I’m grateful to ClearView,” he says.

“Getting and maintaining cover ultimately comes down to having a Plan B. Everyone needs a Plan B and that can be as simple as life insurance.”

“Before my diagnosis, I considered myself pretty healthy and I thought I’d live to 100. In some ways, I was happily meandering through life but now I live every day with purpose and focus on what’s truly important, which is nice.

“I still have dark days but I feel much better knowing that ClearView is there for us.”

In focus: Prostate cancer

Prostate cancer is the second most common form of men’s cancer and the third most deadly form of cancer in Australia. More than 18,000 men were diagnosed with prostate cancer in Australia in 2021.

It is usually diagnosed by blood test to check the antigens produced by a man’s prostate cells, as well as a biopsy, MRI or CT scan for further testing. Age is the key risk factor for prostate cancer, with almost two thirds of cases diagnosed in men over 65.

*Not their real name.

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