These series of posts are very close to my heart as we share real life claim stories, and insurance plan structures we have put in place for our clients. These stories all portray a similar message of how insurance can make a difference in a time of need.
The purpose of sharing these stories is so we at Halo Advisers can talk to you about the inner workings of life insurance, and our philosophies. It provides us with a forum to answer customer questions and concerns, and explain why we do what we do.
We also want to show you what Halo Advisers has been up to out there in the community.
So back in June 2021 I met a client who had obtained insurance for him and his family through another insurance advisor about 7 years ago. He had reached out to me for a review of his insurance after being referred to me by one of his close friends; and was also interested in adding Medical Cover to their policy.
At our first meeting, I asked if there was any particular reason he wanted to add Medical Cover and how much did he already know about medical insurance products.
This is when he mentioned to me that he had a health scare in 2019 when he was rushed to the hospital on Christmas Eve due to severe chest pain. He had 2 stents put into his heart due to blockages. Following his discharge from the hospital, he was signed off from work for about 2 months. He had since fully recovered and life was back to normal for him.
This incident had got them thinking what if something major had happened and he was unable to work for a longer period of time and if his treatment cost him a lot more. A very valid concern indeed!
Upon looking into this existing insurance, he had Life Cover, Trauma Cover, Income Cover and Waiver of Premium Cover, quite a comprehensive package tailored within his budget. A job well done by his previous adviser.
When he provided me a copy of his medical notes and discharge summary, the first page outlined he had an Angiogram procedure and was advised to see his GP after discharge as he had suffered a Heart Attack.
We knew we could get a claim paid for this client and, fast forward a week, we got the following paid:
Claims outcome:
Under his Partners Life Trauma Cover benefit, there was a full claim payable for Heart Attack ($42,624).
Since he also had Income Cover with a 4 week wait, meaning he could only claim for a 1 month benefit, as he was only signed off work for 2 months.
However, his Partners Life Income Cover has a benefit included in his Income Cover “Critical Illness Benefit” which paid him 6 months of his Income Cover benefit, even though he was not off work for 6 months. A total of $2,131 x 6 = $12,786. Woohoo!!
Furthermore, his Premium Cover benefit refunded the premiums he had paid while he was off work due to “disability”, a total of $1,079.90
Total paid: $56,489.90
Key learnings:
- Life is full of surprises, make sure you are protected from the nasty ones.
- Important to have your insurance policy reviewed.
Had this client not requested a review, we would not have been able to pay his claims from 2 years ago when he had suffered the minor heart attack. Getting your insurance reviewed does not cost you anything, and as we saw, it massively worked in this client’s favour. - Important to seek advice when implementing your insurance.
Had this client bought directly without getting proper advice, he may not have known the benefits of spreading your risk across several benefits, ie Trauma, Income, Premium Cover etc. The reality is you don’t know what you don’t know, hence seeking advice ensured his risk could be covered across different benefits and fit within his budget.
If you have not reviewed your insurance policy in a while, it is not too late to get in touch with your insurance broker or advisor.
Alternatively, you can contact Halo Advisers Limited, who are insurance advisors in Auckland on 0211835835 or email us on info@haloadvisers.co.nz