Case Study 1

Following the recommendation of his advisor, Bob, a carpenter, took out Life Cover and Income Protection in 1994. While ten years passed without the need to claim, in 2004 Bob required urgent By-Pass Heart Surgery.

Thankfully, because of his insurance, the financial side of things were looked after. And because Bob had taken his Income Protection cover with an Extra Benefits Option he not only received $3,700 per month benefit for his 5 months off work, he was also eligible for a no claim bonus of 25%. Of even more value, a 1997 upgrade meant double benefits would apply to By-Pass Heart Surgery (including the no claim bonus), while a further upgrade in 1999 meant they would actually apply in his case even though that benefit did not initially apply to Bob's policy when he originally took it out due to his occupation. The monthly benefit Bob actually received was $9,250 or two and half times his insured benefit, and in total, $27,750 more in benefits than he had originally anticipated.

Bob thanked his adviser for the enormous difference the benefits had made during that difficult time. Even more so with the realisation that had he insured elsewhere, it is unlikely he would have automatically received the improvements in benefits that made all the difference. 

Please note: This case study is for illustrative purposes only.

Case Study 2

Ken Maken and his wife Terri Anne were saving for a new house.
In the September 1999, they contacted their mortgage broker, to discuss their options. They didn’t have quite enough for a deposit, but their broker recommended that Ken should safeguard his family’s future by taking out life insurance.

Ken agreed this was a good idea, and so he took out Family Protection, which cost the family $80 a month.

Then tragedy struck – Ken was killed in a car crash, leaving Terri Anne to bring up two small children on her own.

Terri Anne decided she wanted a lump sum rather than a monthly benefit and so she was paid $681,000 – enough to buy the home she and Ken had dreamed of owning.

Nothing can bring Ken back – but his policy gave his family security, and helped to keep his dream alive.