– young tradesman’s family finances protected
This is a Case Study1 about a young tradesman who took timely advice and his family finances were protected: a stroke trauma insurance claim experience that could apply to any of us. (We believe this story to be real; the names have been changed.)
Darren, at age 34, was an electrician employed by a national building contractor. He got on well with his older brother, who advised him to take consult a financial planner about some life insurance. Six years prior to the relevant event, Darren followed that advice and talked to a financial planner about insurance protection.
Income Protection Insurance and Trauma Cover
Darren was single at the time with no children or major financial commitments. Nevertheless, he insured his life and took out income protection insurance – and recovery (aka Trauma/ Critical Illness) cover of $200,000.
Darren’s main interest in life, aside from Kerry, his partner of two years, was cricket. He kept fit and healthy, and he remained a longstanding member of his local cricket club. He had a reputation as a reliable opening batsman.
The Stroke Trauma event unfolds
One Sunday at an away match two hours from home, while waiting to open the batting he suddenly blacked out. Darren collapsed at the scene – and was rushed to hospital, semi-conscious.
Darren regained full consciousness at the hospital, and underwent urgent and extensive medical testing. He was diagnosed as having suffered a minor stroke. This news came as both a relief and a shock to him and Kerry. Relief that Darren had not suffered something even more serious, and shock that someone his age could have a stroke. Like many others, both had previously thought this was a medical condition that only affected much older people.
After a period of rehabilitation, Darren made an almost full recovery. However, he was told that he would be on medication for the rest of his life to prevent further strokes.
The Trauma Cover claim is paid
While convalescing, Darren’s brother reminded him to check with his financial planner about whether any of the insurance policies he’d taken out a few years ago would cover him now. Darren did so and learned he could claim under his trauma policy. Stroke trauma was one of the stipulated medical conditions of the policy. With the help of his financial planner he made the claim and received the full payment of $200,000.
The Income Protection Insurance claim paid
Darren also claimed on his optional added benefit, under his income protection policy, while he was off work. This helped cover their everyday expenses such as their home loan and other bills.
How the proceeds of claim from the insurance cover were used
He and Kerry paid off a substantial part of the home loan they had only recently taken out. They also decided on a holiday, and used some of the claim proceeds for a luxury trip to North America.
Darren returned to work after four months, and resumed playing cricket two months after that, when the new season began.
1 Our Thanks to Suncorp Insurance for this Case Study. Note that grounds for making a claim can vary from one policy to another depending on their terms. So also, can the level of benefit offered.
Continuum Financial Planners Pty Ltd advisers can arrange your insurance protection:
A review of your life insurance portfolio in place to protect your financial future will ensure that your best intention are secured. Our experienced team specialises in life insurance protection. To make an appointment for a review with one of them –
- call our office on 07-34213456, or
- at your convenience, use our linked Make A Booking facility.
With your financial best interest in focus – ‘we listen, we understand; and we have solutions’, which we deliver through ‘personalised, professional wealth management advice’ documented for your ongoing reference. Ask about our no-cost, no-obligation offer for new clients.
(This post was originally posted in June 2012. It has been occasionally refreshed/ updated, most recently in January 2025.)
