This week one of our valued clients Con received $90,377 from MLC Insurance following a successful Total and Permanent Disability insurance claim.
Con and Cathy are on our annual review program and, as a result, GAP Financial were managing their insurance covers carefully.
Each year Con’s premiums would rise, particularly after he reach aged 60.
The premiums were very expensive but, given their financial situation, it was inappropriate to stop his cover completely.
On three occasions in the past 3 years, GAP Financial reduced his cover levels to manage premium costs, but we kept him covered as we felt it was important to do so.
Cathy is on a disability pension which has made it a challenge at times to make ends meet. They also have a mortgage. In our view, this increased the risk of them not being insured.
In early 2016 Con became ill with a serious neck condition which required him to have surgery and stopped him from continuing their cleaning business.
This lead to the successful claim on his Total and Permanent Disability insurance.
This payment, as Cathy stated, “has changed their lives”. It will enable them to pay off their mortgage and retire debt-free.
At GAP Financial we were just as excited as they were about their success as it reinforced the value we are able to add to our client’s lives as their financial planners.