Working for a company or more than one company in your lifetime often means that people accumulate multiple superannuation accounts and with that multiple default level Life and TPD insurance policies that many people do not realise they have.
Insurance cover that is paid out is often the silver lining to an otherwise bad situation. Being human, while we are all mostly healthy, it is not out of the question that any of us could suffer an illness or be in an accident that prevented us from earning an income.
Painting a Picture
Picture a young man who is a labourer with a young wife and a new born child. This young man suffered a tumour on his brain which resulted in an acquired brain injury.
This injury made it difficult for him to hold down a job and keep paying the bills for his young family.
Could you imagine his and his wife’s relief when a financial adviser discovered that due to having a few jobs that necessitated super guarantee contributions and consequential default TPD cover that this young man was able to make TPD claims on this insurance and subsequently receive cheques totalling $125,000 in insurance payments.
Relief for this young family in deed!!!
The son of a client who died in a car accident. There is nothing a financial adviser can do to take the emotional pain away. But this son had a default life insurance policy worth $200,000. The adviser can help in some way though as the payment went to his next of kin (in this case, his dad), who put it aside for later use. And the use to which he put the money? Buying the safest car he could find when each of his remaining children turned 18. Some small comfort out of a horrible situation.
The Silver Lining
One of the best parts of a financial adviser’s job is helping people make a claim and seeing their relief when the insurance that they have paid for comes to fruition.
So, if you or someone you know may have a reason to make a claim on their life insurance policy, why not make contact with us and let us see if we can help them?
The information provided in this article is intended for general use only. The article is intended to provide educational information only. Please be aware that investing involves the risk of capital loss. The information presented does not take into account the investment objectives, financial situation and advisory needs of any particular person nor does the information provided constitute investment advice. Under no circumstances should investments be based solely on the information herein.