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LifeInsuranceCaseStudiesSuncorpInsurance

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LifeInsuranceCaseStudiesSuncorpInsurance

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LifeInsuranceKaren,38
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Karenwasa38yearoldofficemanager,workingforamanufacturingcompany.Twoyearsearlier,she
andherhusbandhaddivorced,leavingherwithamortgageandsoleresponsibilityforthecareofher14
yearoldson,Steven.
Nowasingleparent,Karenbecamemoreawareofherfinancialvulnerability.Atthesuggestionofa
friendwhohadbeeninsimilarcircumstances,sheconsultedafinancialadviser.
Theadvisercarefullytalkedherthroughhervariousoptionsanddevisedaplantofinanciallyprotecther
andSteven,ifsomethingeverhappenedtoher.Stevenhadalwaysworkedhardanddonewellatschool,
andshewasparticularlyconcernedtomakesurethathewouldbeabletoaffordtogoontouniversity,if
hewantedto.
Shetookoutalifeinsuranceandrecoverypolicyfor$500,000.Shealsotookoutanincomeprotection
policy,incasesheeverbecametemporarilyunabletowork.
Lessthantwoyearslater,Karenwenthomefromworkearlyoneafternoonwithabadheadacheandthe
feelingshemightbegettingtheflu.Laterthatdayshelostconsciousnessandwasrushedtohospital.She
hadsufferedabrainhaemorrhage,anddiedthateveningwithoutregainingconsciousness.
Underherlifepolicy,KarenhadnominatedStevenashersolebeneficiary.Hereceivedthe$500,000
throughatrustfundsetupbythefund'ssolicitors.
StevenisnowworkinghardforhisHSC,withplanstobecomeadoctor.Orperhapsavet.Ormaybean
architect.
Basedonarealclaim.Nameshavebeenchanged.Thisisanexampleonly.Groundsformakingaclaimandlevelofbenefitcanvaryfromonepolicytoanother
dependingontheirterms.

TotalandPermanentDisablement(TPD)John,52
Johnisa52yearoldgeneralmedicalpractitionerwhoworksduringtheweekinasuburbanmedical
centre.Hismainpassioninlifeishishobbyfarmtwohoursfromthecity.
JohnandhiswifeAnneboughtthepropertythreeyearsago,withtheplanthathewouldworkfulltime
foranothersixorsevenyears.Afterthat,alltheirchildrenwouldhavelefthomeandcompleted
university,andtheywouldsellthefamilyhomeandmovetothecountrypermanently.Thiswouldalso
allowtimeforJohntorenovatethederelictfarmhouseonthepropertysoheandAnnecouldlivethere.
Sixmonthsago,hewasspendinganotherweekendrenovatingthefarmhouse.Whileproppingupsome
floortimbershedislodgedalargewoodenbeam,whichfellonhim.Itcausedaseverefractureoftheleft
knee,headlacerationsandconcussion,afracturedshoulder,threebrokenribsandfourfractured
vertebrae.
Knowingfirsthandthroughhisprofessionallifetheeffectsthatinjuryandillnesscanhaveonpeople's
lives,Johnhadalwaysbeenabelieverinhavingadequateinsuranceprotectionforhimselfandhis
family.Manyyearsbeforehehadworkedwithhisfinancialadviserandhadtakenoutacomprehensive
insuranceplan.Hehadalwaysbeencarefultokeeptheplanupdatedovertheyears,particularlywhen
majoreventshadhappened,suchasthebirthofhischildren,andwhenheandAnnehadboughtamore
expensivehouse.
JohnhadaTPDpolicyworth$1.125millionwithan'ownoccupation'definition.Relativelysoonafter
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hisaccident,hereceivedmedicaladvicethatwhilehehadthecapabilitytoreturntosomeformofwork,
hecouldneveragainworkinmedicineasageneralpractitioner.Hisclaimfor'own'occupationTPDwas
approved,andthepaymentmade.
AlthoughhisinjuriespreventedJohnfromretiringfrommedicineonhisownterms,thepaymentfunded
allhismedicalandrehabilitationbills,andalsoenabledhimandAnnetostillfulfiltheirplanofretiring
tothefarmoncethechildrenhadlefthome.Hewillalsonowbeabletofundtheiruniversityeducation
fromhisinsurancepayment.
Annewasparticularlypleasedthattheinsurancepaymentalsoenabledthemtoengageaprofessional
architectandbuilderstocompletetheirdreamhome.
Basedonarealclaim.Nameshavebeenchanged.Thisisanexampleonly.Groundsformakingaclaimandlevelofbenefitcanvaryfromonepolicytoanother
dependingontheirterms.

RecoveryDarren,34
Darren,34,isanelectricianemployedbyanationalbuildingcontractor,whensixyearsagoontheadvice
ofhisolderbrother,Darrentalkedtoafinancialadviseraboutinsuranceprotection.Althoughsingleat
thetimewithnochildrenormajorfinancialcommitments,heinsuredhislifeandtookoutincome
protectionandrecoverycoverof$200,000.
Darren'smaininterestinlife,asidefromKerry,hispartneroftwoyears,iscricket.Pridinghimselfon
keepingfitandhealthy,heisalongstandingmemberofhislocalclubsidewithareputationasareliable
openingbatsman.
OneSundayatanawaymatchtwohoursfromhome,hewaswaitingtogoouttobatwhenhesuddenly
blackedoutandcollapsed.Hewasrushedtohospital,semiconscious.
Darrenregainedfullconsciousnessatthehospital,andafterurgentandextensivemedicaltesting,hewas
diagnosedashavingsufferedaminorstroke.Thisnewscameasbothareliefandashocktohimand
Kerryreliefthathehadnotsufferedsomethingevenmoreserious,andshockthatsomeonehisage
couldhaveastroke,amedicalconditiontheyhadbothpreviouslythoughtonlyaffectedmucholder
people.
Afteraperiodofrehabilitation,hemadeanalmostfullrecovery,butwastoldthathewouldbeon
medicationfortherestofhislifetopreventfurtherstrokes.
Whilehewasconvalescing,hisbrotherremindedhimtocheckwithhisfinancialadviseraboutwhether
anyoftheinsurancepolicieshe'dtakenoutafewyearsagowouldcoverhimnow.Darrendidsoand
learnthecouldclaimunderhisrecoverypolicy,sincestrokewasoneofthestipulatedmedical
conditions.Withhisadviser'shelphemadetheclaimandreceivedthefullpaymentof$200,000.
HeandKerrypaidoffasubstantialpartofthehomeloantheyhadonlyrecentlytakenout.Theyalso
decidedtheyneededaholiday,andusedsomeofthemoneytotakealuxurythreeweektriptotheUSA
andMexico.
DarrenalsoclaimedonhisSpecifiedRecoverybenefit,underhisincomeprotectionpolicy,whilehewas
offwork.Thishelpedcovertheireverydayexpensessuchastheirhomeloanandotherbills.
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Darrenreturnedtoworkafterfourmonths,andresumedplayingcrickettwomonthsafterthat,whenthe
newseasonbegan.
Basedonarealclaim.Nameshavebeenchanged.Thisisanexampleonly.Groundsformakingaclaimandlevelofbenefitcanvaryfromonepolicytoanother
dependingontheirterms.

IncomeProtectionMaria,41
Mariawas41andworkedfulltimeasanassistantstoremanagerinalargesupermarket,earningaround
$65,000.TheworkwashecticandoftenstressfulbutthestorewasconvenientlyclosetoMariaand
husbandPaul'shome.
Paulworkedasanationalsalesmanagerandtravelledfrequently,soMariaoftenhadtojugglehertime
betweenworkandlookingaftertheir12yearoldtwingirls.Oneofthegirls,Kylie,wasveryunhappyat
school,whichwascausinggreatconcernandputtingmoredemandsonMaria'stime.
Whenthetwinswereborn,MariaandPaulwereconcernedthattheymightnothaveenoughinsurance
protection.Theysawafinancialadviserwhorecommendedtheyinsuretheirlivessothatthechildren's
careandeducationwouldbetakencareof.Theadviserworkedoutanappropriatesumoflifecover,and
advisedthattheybothtakeoutincomeprotectioncover.
PaulwasawayinterstateintherunuptoChristmas.Itwasthebusiesttimeofyearatthesupermarket,
andMariawasworkingextrashifts.MariaalsohadtogoandseeKylie'sschoolPrincipalseveraltimes.
ThishighstressperiodofjugglingresponsibilitiesasamotherwithherworkcommitmentscausedMaria
tosufferamentalbreakdown.Severalotherstressfactors,whichhadbeenbuildingovermanyyears,
worsenedhercondition.
Mariabeganreceivingmedicaltreatmentforseveredepressionandwithheradviser'shelp,madeaclaim
underherincomeprotectionpolicy.Theclaimwasapprovedandshebeganreceivingthefullbenefitof
$4,100amonth.
Mariaisrecoveringwell.Theknowledgethatthefamily'sabilitytopaytheirhomeloanandother
expenseswasunaffectedbyhertimeawayfromworkhasgreatlyhelpedherrecovery.
Basedonarealclaim.Nameshavebeenchanged.Thisisanexampleonly.Groundsformakingaclaimandlevelofbenefitcanvaryfromonepolicytoanother
dependingontheirterms.

Recovery,LifeandTotalandPermanentDisabilitySarah,33
Sarahwasahighlypaidexecutiveinthetelecommunicationsindustry.Akeenjogger,shegradually
begantofeelaweaknessinherlegswhileonherdailyrun.Shewasonly33andatfirstputitdownto
overworkandgeneralfatigue,butthesymptomspersistedandworsened.Eventuallyshereceivedthe
devastatingnewsthatshewassufferingfrommultiplesclerosis(MS),achronic,progressive,
degenerativediseaseofthecentralnervoussystem.MStendstooccurinwomenatanearlieragethan
men,andaffectsmorewomenthanmen.
Fiveyearsearlier,sheandhusbandSimonhadseenafinancialadviser,andeachtakenout$1.5million
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lifeandTotalandPermanentDisabilityCoverwithBuyBackand$500,000standalonerecovery
insurance.Withthefinancialadviser'shelpshesubmittedaclaimunderherrecoverypolicyandreceived
thefullbenefitof$500,000.
Sheresignedfromherjobandpaidoffsomeoftheirmortgage,investedsomeofthepaymenttocover
futuremedicalexpenses,andaddedahomeofficewhereshecouldworkasaparttimeconsultant.
Sarah'sMSrapidlyprogressed,leadingtosignificantdisabilitywhichpreventedherfromworkingatall.
ShesubmittedaclaimforTPDbasedon'own'occupation,becauseshecouldnolongerworkinherusual
job.SheandSimonusedthe$1.5millionpaymenttomodifytheirhomesoshecouldcontinueliving
there.
AsSarah'ssymptomsworsened,hermobilitybecamefurtherimpairedandsheandSimonacceptedthat
shemustmoveintoafulltimecarefacilitytogettheattentionshenowneeded.Thiswouldbevery
expensive,butthefundsinvestedfromherTPDclaimtwoyearsearliermadeitpossible.
Recently,aftertenyearsoflivingwithMS,Sarah,tragically,wasdiagnosedasterminallyill.Shewas
thenabletoclaiminadvanceherdeathcoverof$1.5million,whichwillcoverherongoing24/7care.
Basedonarealclaim.Nameshavebeenchanged.Thisisanexampleonly.Groundsformakingaclaimandlevelofbenefitcanvaryfromonepolicytoanother
dependingontheirterms.

Children'sRecoveryInsuranceRon&Alison
RonandAlisonhavetwoyoungchildrenEwan,agedfourandLaura,six.Theyliveinacountrytown
whereRonmanagesthelocalbowlingclubandAlisonworksasareceptionistinacarsalesdealership.
ShortlyafterEwanwasborntheymovedintoalargerhouseandtookoutamuchbiggerhomeloan.Asa
resultofthesetwomajorchangesintheirlives,theyvisitedanadviserforareviewoftheirfinancial
plan.
Theadviserdevisedariskprotectionplanforthewholefamily.Itincludedlife,TPDandrecoveryfor
RonandAlisonandchildren'srecoveryinsuranceof$50,000eachforEwanandLaura.RonandAlison
hadfounditverydifficulttoeventhinkabouttheneedforinsurancecoverforthechildren.Butthey
weresurprisedathowlowthepremiumswere.
Fouryearslater,Ewanbeganexperiencingfatigueandpneumonialikesymptoms.Alisontookhimto
theirGPandhewasreferredtoaspecialistatahospital300kmawayinthecity.Thespecialistdelivered
thedevastatingnewsthatEwanhadLymphoblasticLymphoma,aformofcancer.
Theprognosiswasalarming.Ewanwasclassifiedina'highriskgroup'becauseoftheaggressivegrowth
ofthetumourandthehighchanceofitrelapsing.
Ewanhadtobemovedtoahospitalinthecitytostartchemotherapystraightaway.Hehadintensive
chemotherapyoveratwelveweekperiod.Healsohadtoundergobonemarrowbiopsiesandaseriesof
lumbarpunctures.
AlisonleftworkandmovedintoamotelnearthehospitalsoshecouldbeatEwan'sbedsidetosupport
himthroughtreatment.Everyweekend,RonandLauradrovetothecitytostaywithAlisonandbewith
Ewan.
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TheinsurancecompanyprovidedtheFreemanswithaclaimchequefor$50,000withinaweekofthe
claimbeingnotified.TheyusedthemoneytofundEwan'streatment,topaytravelandaccommodation
costs,andtopaytheongoingbillsthatwouldhavebeenoutstandingasAlisonwasnolongerworking.
Ewanisnowbackathomeandbackatschool,buthestillhasacoupleofyearsbeforethedoctorscan
givehimtheallclear.RonandAlisonarealsonowconsideringusingsomeofthemoneytotakeEwan
andLauratotheGoldCoastforamuchneededholiday.
Basedonarealclaim.Nameshavebeenchanged.Thisisanexampleonly.Groundsformakingaclaimandlevelofbenefitcanvaryfromonepolicytoanother
dependingontheirterms.

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