I was honoured to recently attend Griffith University’s graduation ceremony, which I found to be an impressive example of good planning and organisation.   Also impressive was the speech of the national president of the Pharmacy Guild of Australia, Kos Sclavo, who was awarded an honorary Doctor of the University in recognition of his contribution to the pharmacy profession.

His speech was powerful.  Not only because of his reference to the death of his 10 year-old son from leukaemia, but because of his recognition of a rapidly changing pharmaceutical world.  Doctor Sclavo noted that many of the drugs available today on the Pharmaceutical Benefits Scheme weren’t around when he graduated from university 20 years ago – when he thought he knew everything!

The great outcome for our society is that these pharmaceutical advances are saving lives – but at a cost.  Miracle drugs can cure cancer but the treatment can cost patients thousands of dollars for each course.  Few people have access to such funds and a patient’s financial difficulties may be further exacerbated by an inability to work while undergoing treatment.

We can’t always prevent misfortune from occurring, but we can take steps to protect the financial well being of our families when hit with the devastating effects of illness or injuries.  Investing in trauma insurance will help your family having to avoid admirable but desperate measures such as the recent example of a young son fundraising $70,000 to buy his cancer stricken mum life saving medication.

Last year the insurance industry paid out an average of $8.39 million dollars every day to families experiencing some kind of crisis such as illness or injury.  With a third of all Australians expected to suffer a serious illness or injury in their lifetime it makes sense to invest a few dollars each week to protect your family’s quality of life.

Trauma insurance gives us money when we need it most by paying out a lump sum As a result of an accident, on diagnosis of an insurable disease or because of a certain event such as a being placed on a waiting list for an organ transplant.  Think of how many people you know who have had heart attacks and cancer and ask yourself the question, when I have my first heart attack do I lose the house or the mortgage?

Please Note:

This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you need to consider (with or without the assistance of an adviser) whether this information is appropriate to your needs, objectives and circumstances. This information is provided for persons in Australia only and is not provided for the use of any person who is in any other country.

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