What was their situation when we met?
We were referred a medical client by their accountant and asked to assist with personal insurance and wealth planning, particularly superannuation, equity, and property investments. As part of our ongoing reviews with the client, we were made aware that they were entering a partnership and they were open to receiving advice in relation to a business succession agreement and insurance, this was executed on both partners when they set up this new business.
What Happened?
How did Trumpet Financial Help?
At that time, there was a slight variation in the two insurance policies in place for the client. One of them, whilst technically not meeting the definition, we were able to negotiate a full payment under the policy without the client having to wait for a second episode of the illness to occur which was a win for the client as they got the money immediately rather than having to wait sometime before a second event.
From the moment they contacted us to being advised that there was a possible diagnosis of a significant illness, we stayed close to them to ensure they had someone to talk to besides relevant doctors, we also helped them complete and put together all the claim information to submit to the insurer which relieved that burden from them, they could then focus on managing the new health issue that they had been confronted by.
After the payout, Trumpet Financial helped to navigate the best use of their monies and how to adjust their situation post the illness diagnosis. They now feel confident in their financial position of both their family and their business and are thankful for having put in place the right protection at such an early stage in their business, without it, their life would have been significantly worse off.
How is our client now?
Beyond this, as they adjusted their new normal of living with the major illness, they have brightness of future because they can see that their personal financial situation and the future of their children is taken care off financially. Whilst they cannot control the illness, they can then spend time and money on managing it to the best of their ability to give the best quality of life to them through their 50s and beyond.
What was the biggest learning?
As an advisor, it would be easy for me to have not been as affirmative in recommending the cover and just suggesting it is a good idea, but I truly believe that if you go into business, it is a big risk to take on debt and not take on insurances to protect the business. they appreciated the advice and executed it at the time when they were in effectively the start-up phase of their business, they will be forever thankful for having done so.
Most of all, they have expressed a lot of gratitude and trust in us as a business and are forever grateful for our support and advice through the journey with our ability to continue to introduce them to other experts that are important in their lives such as their business accountant, personal accountant and lawyers who assisted with certain tax issues on some components of the insurance pay out.
