Inspirational Case Studies
What is your most important asset?
(The income you are able to produce provides support for your family's lifestyle and provides funds to make your future dreams come true. What would happen if tomorrow you had an illness or accident that meant you could no longer remain employed and earn the income you need?)
Rod is a prominent barrister. His courtroom techniques and success make Rod very popular which helps justify his high fees.
Rod is a family man and ensures that his wife and children have the best of everything. They have a large home in a good suburb plus a beachfront holiday home. He takes the family on an overseas holiday each year and the children are educated at private schools.
Rod recognises the need to protect the lifestyle he provides for his family and takes out Trauma Insurance and Income Replacement Insurance.
Two years later, Rod suffers a catastrophic haemorrhage in the brain - a stroke, which leaves him with a speech impediment and restricted movement in one leg.
Rehabilitation and speech therapy is a slow process, but in any event Rod will never be the same in any courtroom again. His thought process may still be quick, but tragically, his speech is now very slow and slurred. His chosen career is finished.
Some Issues to consider:
• Trauma Insurance provides the funds to pay out his two mortgages, cover the negatively geared exposure, and provide a residual amount to invest. Income Protection Insurance provides him with an income stream.
• In time Rod may return to work doing less prominent legal tasks, but at least he can rest assured his children can continue their private education. Their family lifestyle has also been protected.
• Salary continuance through superannuation covered 75% of Rod's salary for two years, allowing the children to continue on at private schools.
• The Income Protection policy (the premium is tax deductible) has covered Rod for up to 75% of his own occupation income for periods up to age 65, ensuring a reasonable quality of life if Rod is unable to carry on working as a barrister.
• Without this cover, not only is the quality of their children's education put at risk, but also their lifestyle right through until retirement and beyond.
• Trauma Insurance has maintained Rod's family's lifestyle and given Rod the opportunity to be debt free.
Contact Seagrims team on 1800 818 933
now for a chat about your Personal Protection needs.
