I had worked with this client for several years and his main focus was always around retirement planning.

 

On a few occasions the topic of life and critical illness insurance was discussed, but my advice in this area always seemed to fall on deaf ears. Maybe he had convinced himself it was something that was not necessary – Very similar to how many expats feel when it comes to insurance.

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Finally, he grew tired of batting away my concerns about his lack of cover and the potential issues it may cause, should he fall ill. “Ok, this is the budget - not a penny more” He said at one meeting; “I wanted to put this in my pension, but you will never stop telling me I need insurance, will you?”

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Now armed with a firm budget and details of all outstanding debts (mortgage, car loan, credit and store cards etc.), my research identified that two single-life Life and Critical illness policies would cover all of the outstanding debts for an amount that fell within their budget.

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Having found something that provided the correct amount of cover within their budget, they (somewhat) reluctantly agreed, and the cover commenced.

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Less than a year later, not in sync with the usual meeting schedule and completely out of the blue, my client’s wife contacted me. He had just been diagnosed with Multiple Sclerosis. “Would we be able to claim?” was the question, as in hindsight, some of the early symptoms were apparent before the policy started?”

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He had visited his doctor a couple of times, but the diagnosis was that he was probably working too hard. The prescribed treatment at that time was to try to take more weekends away from the office. Over a cup of tea, I explained the claim process to the concerned couple and that the insurer would certainly need to consult with their doctor.

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A chance comment then opened up another line of conversation. I said to my client’s wife; “You must be quite exhausted. You are looking after your husband, making hospital visits, and with a full-time job and two teenage boys to look after as well.”

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“Oh no” was the reply. “I gave up work 3 months ago because I have Chronic Obstructive Pulmonary Disease. But it’s ok, I cannot claim on my policy because it’s not on the listed illnesses.”

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I pointed out the last item in the list of illnesses, which was, ‘Any total and permanent disability’.

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The claim payment on my client’s policy enabled him to dispose of all debts, and most importantly, provided the couple with peace of mind. His wife’s policy proceeds paid for the stair-lift, widened doors and all other modifications that were necessary to their home to make day-to-day life easier.

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