My last client insight post received a lot of attention so this week I thought I would touch on some recent income protection claims I have assisted clients with:
A client in her late 20’s who was in the early stages of her first pregnancy suffered from preeclampsia (greatly elevated blood pressure). Doctor’s orders were to stop work immediately, but it was well before her planned finish up date and she didn’t have enough sick leave or holidays to get her through to when she would have the baby and be eligible for maternity leave. Luckily she had an income protection policy so we submitted the claim and she was paid right up until the day she had the baby.
A client in his early 40’s (Self employed Electrician) was out riding his trail bike with mates when his front wheel hit a tree root and threw him off the bike. Coming down on his right wrist he broke a small (but important) bone. Due to the type of brake the doctors decided to insert some screws and a plate, and this usually quickens the healing of the bone. Unfortunately for this client he had many complications which ended up causing the doctors to have to remove the screws and plate. So due to a seemingly ‘minor’ fall on his wrist this client was off work completely for eight months. Once again luckily he had income protection that provided him with a replacement income, and then when he did start back to work and could only do a few hours per week he continued to receive a partial payment topping up his income until he was back at work 100%.
A few weeks back I had my fist claim of the footy season. The client had badly rolled his ankle at training and chipped the end off his Fibula. Now this client is a teacher so while he did have a week off work he could return with the addition of a moon-boot. As this client didn’t have enough time off to qualify for his four week waiting period, he didn’t think he would have a claim. Once he mentioned to me what had happened I quickly informed him that he did in fact have a claim. He was able to receive six weeks of payments due to a specific injury clause that covers braking of the lower leg – and a point to note is that he did not have to serve his waiting period, and that the waiting period wasn’t deducted from his payment under this clause.
I can’t see too many reasons not to have income protection. Please contact me on 03 5559 711103 5559 7111 or firstname.lastname@example.org for an obligation free discussion.
Jarrod Lewis Dip DP AFP
Charter Financial Planning