Client Story - Income Protection Insurance Claim

Focusing on getting better is easier to do if your finances are being taken care of.

Anyone who has gone through a traumatic life event, faced with a cancer diagnosis, loss of mobility or ongoing intrusive medical treatment can attest to this.  

We have dedicated this blog update to share a real life client story, highlighting the true impact of having the right type of cover in place. 


"I never expected that I would need to make a claim on my Income Protection policy.

In just over 12 months, I have received about $50,000 in claim payments, which has allowed our family to stay on track financially and maintain our long term goals whilst continuing to support our children’s education."

 

The Case - Income Protection

After taking out recommended income protection insurance, our client recently went on claim after a sudden ordeal.  

Although she suffered with depression and anxiety, our client was determined to continue working, however was unable to return to work at full capacity.

The insurance company, together with reports from treating specialists, determined that although she was able to return to work part time, she was still eligible to claim under partial disability.

Importantly not all insurance companies offer a partial income protection claim – so it is about getting the right cover for you.

What this has meant for our client is that she was able to continue with some normality of life and routine, whilst not being forced to provide for her family and risk further detriment to her health, or leaving her family to make ends meet without their regular income and way of life.

To date, approximately $50,000 in partial payments has been paid over the last year and most recently our client is taking a new direction in career, eager for a fresh start.

 

This is her story...

‘My husband and I were introduced to Unified Financial Services for financial advice over 10 years ago.

Not only were we introduced to financial life planning, but also a holistic approach to planning with Unified Financial Services unique way of exploring further into what makes an ideal life, this included advice around life insurance.

Since that time there have been many changes in our life situation. Many of these have been expected, but others were totally unexpected.  Throughout all of these ups and downs we have luckily been able to maintain our financial stability, and stay on track in working towards our long term goals.

I shouldn’t really say ‘luckily’, because this has not been due so much to good luck, as to good financial management and planning advice recommended by Unified Financial Services.

Several years ago, facing the prospect of several more years of school fees for two teenage children, on top of the usual expenses such as every-day living costs and a mortgage, we were advised to take out Life Insurance, including Income Protection Insurance.

My first thought was that this would be a good thing for my husband as he was the primary wage earner, but less so for me as a part time worker. However, Michelle and Lisa made a convincing case for the overall cost-benefit of both of us having Income Protection Insurance in place. After all although I was not the primary wage earner, I was still contributing to the overall income and also day to day running and support of our family.

Several years later, when at last both our children had finished secondary school, and the prospect of retirement was getting closer, the last thing on our minds was the thought of illness or injury.  

However, life is full of surprises, and very quickly our situation changed.....

A sudden ordeal led to my partial disablement, a huge shift in our way of life, a sudden possibility of the loss of income and an uncertain outlook for long term recovery. Also, at this time our eldest child was accepted into a highly competitive university post-graduate course.

This was great news, but also, we now had further years ahead of continued family financial support, in addition to undergoing treatment and the potential financial strain on our family.

I never expected that I would need to make a claim on my Income Protection policy.

Unified Financial Services guided me throughout the entire claims process, attending to the claim administration, ensuring information was delivered and requirements were met on time, providing a seamless outcome, prompt payment and peace of mind.

In just over 12 months, I have received about $50,000 in claim payments, which has allowed our family to stay on track financially and maintain our long term goals whilst continuing to support our children’s education.

Income Protection Insurance has provided our family with invaluable flexibility, choice, stability and security at an otherwise uncertain time and allowed me to concentrate on the road to recovery."

In order to attend to your individual personal life insurance needs and to obtain advice about how to structure your insurance to that it is cost effective and tax effective, please contact our office on Ph: (03) 93491525.