Ill health can strike when we least expect it, causing huge amounts of emotional and financial stress as well being a tough time for families struggling to cope.
Dealing with the added pressure of insurance paperwork and claims can often push people to breaking point.
This is the situation that one of my Melbourne customers was confronted with. Facing triple bypass surgery, Michael* advised by doctors that he may need to take up to three months off work.
With the regular bills and payments mounting, Michael contacted me for help and fortunately, a strong financial plan was already in place to cater for emergencies just like this.
I was able to liaise with Michael’s insurance company to make a successful claim to free up a trauma lump sum payout  of more than $300,000.
This money, combined with other income protection  policies went a long way in providing Michael with the financial security and peace of mind he needed, allowing him to concentrate on his health.
In the months since, I can report that Michael has received full payouts of all his policies, enabling him to further reduce his debts , reduce his work hours that may have contributed to his health condition in the first place, and get on with the business of living and enjoying his extra family time.
We are now taking extra trauma cover  for his wife given their experiences and the benefit of hindsight.
This is a great demonstration of the importance of having a plan in place and a strong, working relationship with your Financial Planner.
As a Financial Planner, I’d like to think of myself as being there every step of the way for my customers, as an adviser, financial expert, a sounding board, and as a trusted friend
While many have a “set and forget” attitude towards financial planning , it is in times like these, that a Financial Planner becomes an integral part of your overall wealth management and life plan.
*We have changed the name of our customer to ‘Michael’ featured in this story at the request of the customer to remain anonymous. Financial planning services are provided by Eastwoods Wealth Management Pty Ltd ABN 17 008 167 002 / AFSL 237853 trading as Beyond Bank Australia Wealth Management. Eastwoods Wealth Management Pty Ltd is a subsidiary of Community CPS Australia Ltd ABN 15 087 651 143 / AFSL 237 856 trading as Beyond Bank Australia.