For the past almost 6 months I’ve been struggling to come to terms with life insurance and income protection. I guess I mention this because it’s been an unpleasant process, talking about how much money you think you might need to provide for your child if you were to become totally and permanently incapacitated. Probably never nice to discuss at the best of times but my experience has been complicated by two things.
Firstly I work from home and somehow insurance is yet to catch up with the trend and as far as I can tell enforces higher premiums on people who work from home. So much so that I have two financial advisors, arguing with me over the definitions of my work. I feel like I’m having to justify what I do and where and I keep worrying about the future because I keep having to contemplate it. Also to clarify when I say I work from home it means I’m a contractor, so I have no superannuation taken out of my pay or tax or any form of WorkCover type facility, and also as a single mum if I lose my income it could put me in a very precarious financial situation. But the arguing continues about my job because it’s mostly computer-based and you can book a client on a holiday, say a cruise, and they can pay a deposit now and the final balance in 12 months time so this complicates matters in terms of injuring yourself in the meantime because you can still be earning income. And I would have to be extremely incapacitated to not be able to work from the computer. Part of this discussion has really irritated me, given the fact that I have just worked through the last three years of a fatigue inducing illness that’s meant many days I have struggled with my workload to keep making a living. But I have. And I resent being told somehow this is a negative.
Secondly and equally as annoying and difficult, is that I’ve been sick for quite a long time and again the insurance company seem to want to use this against me, even though hypothyroidism is a well understood and well documented illness and also very well-managed with medication, if I am going to change superannuation plans or insurance plans I need to get medically underwritten and the insurance advisors are telling me that this will cause a loading on my premium. I hate to sound juvenile but it just seems so unfair!
I’ve been trying to get to the bottom of this with financial planners who don’t have me as their first priority and it’s taken almost 6 months now to get to a point where I feel like I might be able to get a product that covers me. And then there’s the nagging question what if I never need it and I pay these massive premiums every year. Bu that’s how insurance gets you isn’t it? With fear.
I do feel like this is all important because I have a dependent child and she is very young, so I must go through this process and get to the other side, but I am really looking forward to it being over and done with.
There is nothing like contemplating your own mortality to stop you from feeling good and alive. But it has to be done. I just don’t want to dwell on it anymore.