– 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 are assured the story is real; the names have been changed.]
Darren, at age 34, was an electrician employed by a national building contractor: six years prior to the relevant event, on the advice of his older brother, Darren talked to a financial planner about insurance protection.
Income Protection Insurance and Trauma Cover
Although single at the time with no children or major financial commitments, 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. Priding himself on keeping fit and healthy, he remains a longstanding member of his local club side with a reputation as a reliable opening batsman.
The Stroke Trauma event unfolds
One Sunday at an away match two hours from home, he was waiting to go out to bat when he suddenly blacked out and collapsed. He was rushed to hospital, semi-conscious.
Darren regained full consciousness at the hospital, and after 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 he had not suffered something even more serious, and shock that someone his age could have a stroke; a medical condition they had both previously thought only affected much older people.
After a period of rehabilitation, he made an almost full recovery, but 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 he was convalescing, his 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 recovery policy, since stroke trauma was one of the stipulated medical conditions. 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 they needed a holiday, and used some of the money to take a luxury three-week trip to the USA and Mexico.
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: this is an example only – grounds for making a claim; and the level of benefit can vary from one policy to another depending on their terms.
Continuum Financial Planners Pty Ltd advisers can arrange your insurance protection:
To protect your financial future – and that of your family – don’t delay: call our office on 07-34213456, or use our website Contact Us facility to arrange a no-obligation meeting at no cost to you, with one of our experienced risk insurance advisers. 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.
[Originally posted in June 2012, the above has been occasionally refreshed and re-posted, most recently in March 2017.]
