A claim on a protection product (Life insurance, Critical illness, Income protection, etc.) will always take place at a most stressful and vulnerable time as you or a loved one becomes seriously ill or passes away. One of our advisers Les Schroeter found himself in an unfortunate situation when he had to advise a personal family member on how best to go about dealing with the stressful financial situation a family illness or death can bring.
The following narrative comes from Les himself, names have been withheld to respect those involved.
Recently a couple in their early forties with children had the misfortune of having to make a claim on their protection insurance. They were insured for Life, Critical illness and Income protection, however when the wife was suddenly hospitalised with severe back pains they were overcome with so much stress the benefits their policies entitled them to didn’t enter their minds.
Following surgery the wife was unable to return to work, unable to drive and barely able to walk. Fortunately her generous employer provided full pay for 6 months and half pay for another 6 months. Despite not completely losing the wife’s income the husband was struggling with the physical stress he now faced. Taking on full responsibility for the child care, housework and his regular 9-5 job, whilst also providing help and support for his ill wife soon took its toll on the family.
Help when it’s needed most
The couple hadn’t even considered claiming on the various aspects of their insurance policies, until the dreaded time that the wife stopped receiving an income. Fortunately their adviser made a routine call to check if any of their circumstances had changed and on hearing the sad news arranged to meet them immediately to assess the medical situation of the wife. To their joy the consultant advised they could make a claim on their Critical Illness policy.
Within 3 weeks the insurer had made a substantial payment into their bank account, which immediately lifted the stress of financial worry and fulfilled many practical considerations enabling the couple and the children to re-discover their lost lifestyle.
The husband commented, “I would gladly give up this Critical Illness payment to get my wife’s health back, but at least the money will help to maintain our lifestyle, whilst making a huge difference to our outlook on life”.
Despite ensuring they were protected, the stressful situation led this family to forget how beneficial protection products can be. Les says “thankfully they had the foresight to take the advice of a professional protection adviser, who was at hand to advise and support them all the way to the bank.”