Experienced Financial Adviser Secures Family $50k Benefit Payout

Sometimes a good news story comes along that reminds us of the importance of understanding your insurance. Read about how one of our advisors played a key role in assisting a client with a review of their insurance and changed their lives.

A client reached out to Trudie, our Financial and Risk Investments Adviser here at Rapson. This client was requesting a review of their insurance policies that had been set up 6 years prior by another advisor. Trudie undertook a full review, learning about their current insurance, and learning more about their current situation. Their previous advisor had never set up any reviews or follow-ups and seldom reached out to touch base. It was during this initial conversation that Trudie learned more about their story, and their young son having been diagnosed with Crohn’s disease 3 years prior.

Over the past 3 years, the reality of living with this illness has entailed many visits to the GP, to Starship Children’s Hospital in Auckland, as well as to appointments with medical specialists for treatments and tests. This made having a full-time job difficult for the client, as she needed to take time off work to facilitate the medical visits. Trudie learned that they had never tried to claim insurance on their current insurance policy, as they were unaware that it had been an option for them to take, as their son was not mentioned or covered on their insurance policy.

trudies story rapson nz

Fortunately, our team had the expertise to inform them about what they did not know; under their insurer at the time, children were automatically covered under the ‘Trauma Cover’ benefit of their parents with no additional charge at all. This had certainly been a game-changing bit of information.

Trudie swiftly prepared the necessary forms and documentation in case there was a possible claim to file and informed her clients that she would let them know once it had been approved. Fortunately, they were assisted by their child’s specialist, who provided the necessary forms to aid the submission process. Within a few weeks of the initial discussion and submitting the papers, the claims team had done a thorough assessment and provided Trudie’s clients with a ‘Child’s Trauma’ benefit payout of $50,000.

When Trudie notified the family of the good news, she was met with overwhelming relief and emotion from the family. This was particularly an emotional moment for the son’s mother, as she explained that this claim would change their circumstances completely and that none of this would have been a possibility had Trudie not taken such thorough and caring steps to learn their story and discover this option.

The family planned to invest the money from the claim into a flexible savings account that would allow them to access the funds. This unexpected payout meant financial support for the family that would lighten the load of immediate financial worries and also act as a safety net for any medical expenses, such as travel costs to the hospital and future trips to the specialist that may come their way.

Many New Zealand families experience the consequences of serious illness at some point in time. Trauma insurance provides a benefit for critical medical conditions that could compromise the insured person’s current and future quality of life. This family’s testimony is a valuable reminder of the importance of getting regular policy reviews, to better understand what your insurance can do for you.

If you think you are due for a review of your insurance policy and have concerns about unforeseen financial issues or costs, the team at Rapson can assist you with various forms of insurance coverage, including Trauma cover.

For more information or expert advice on insurance or loans and mortgages, get in touch with Tauranga’s friendly Rapson Team today.