Australian Finance Podcast Financial Fallout: What Happens When Your Health Takes a Hit
Apr 14, 2025
A powerful personal story unfolds as Wade recounts his life-changing heart attack at 41. He shares vital lessons on the importance of having effective insurance and preparation for health crises. The emotional and practical challenges he faced reveal the deep impact on his family and finances. Wade emphasizes the need for clear communication about wishes and highlights the necessity of legal preparedness, urging listeners to prioritize early financial planning to safeguard their futures.
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Wade's Sudden Heart Attack Story
- Wade had a major heart attack at work at age 41, requiring resuscitation three times in the ambulance.
- He spent nine weeks in hospital including ICU, heart unit, and rehab, relearning basic physical functions.
Maintaining Insurance Despite Cancer
- Wade had cancer earlier in life and strategically maintained multiple super funds to keep insurance cover despite preexisting conditions.
- This multi-fund approach enabled him to have insurance coverage when his heart incident occurred.
Keep Insurance Active During Consolidation
- Keep your default super fund insurances active even if consolidating funds, as cancelling removes cover.
- Maintain insurance actively by paying premiums to ensure protection stays in place.