Hood Sweeney clients receive $3 million.
Over the past three years, Hood Sweeney has helped over 35 clients to receive more than $6 million in benefits, with more than $3 million in the 2017 financial year alone.
The life insurance sector is also seeing a growth in the number of claims being paid with payments in 2016 passing the $9 billion mark.
Life insurance is the name given to insurance paid to family members when you die, but also is the umbrella term covering four types of insurance: death, total and permanent disability, trauma and income protection.
Research has shown that one in three Australians have some form of life insurance, but half of those only have cover through their superannuation fund, and are not confident it would be enough to cover them and their family.
Life insurance plays an important role in protecting Australian consumers and taking the pressure off Government initiatives such as the disability pension.
Hood Sweeney client, John Taylor#, suffered a cartilage injury to his wrist in the performance of his duties as a podiatrist.
John, who is in his 60s, had the option to have surgery to repair his wrist but the risks were too significant with the potential for losing all mobility.
He made the decision to retire due to the injury and planned to survive on the superannuation he had accumulated during his career.
Given his age it is unlikely that this amount would have allowed John to live comfortably for the remainder of his life.
However, John had been advised by Hood Sweeney Securities’ Life Risk Specialist and authorised Representative of Hood Sweeney Securities Pty Ltd AFSL 220897 Mark Mullins* to take out an income protection policy to insure his most valuable asset, his ability to earn an income.
His income protection provided him with a monthly benefit of more than $8,000 after a 90 day waiting period.
He also held a business expense policy for $11,459 per month after a 30 day waiting period.
In late 2016 a claim was initiated with the insurer and he received $40,000 in income protection benefits for the period May 16 to Jan 17.
John cancelled his business expenses policy directly with the insurer as he believed he wasn’t eligible for a benefit.
Mark* conducted a free review, as a benefit of being a Hood Sweeney client, of the decision by the insurer and realised that the income protection benefits had been calculated incorrectly and John was entitled to a further $3,700.
He was also entitled to receive a benefit from the business expense policy that had been cancelled, Mark* had the policy reinstated and John received a further $25,000.
John initially thought it would be too difficult to lodge the claims, however, by doing so he has received over $65,000 in benefits in the last 12 months and will be entitled to another $500,000 in benefits between now and age 65 when the benefit period ceases.
This has ensured John won’t have any issues funding a long and healthy retirement with his wife.
The review of a life insurance policy is a free service provided by Hood Sweeney Securities Pty Ltd AFSL No 220897. There is no charge to meet with a Life Risk Specialist and receive advice about a solution that is tailored to your needs and budget.
Contact Mark Mullins* for more information on personal insurance on 1300 764 200 or email.
*Mark Mullins is an Authorised Representative 323919 of Hood Sweeney Securities Pty Ltd AFSL 220897
#Name has been changed.
Information contained in this article is of a general nature only and does not constitute personal financial or taxation advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this article you should consider the appropriateness of the information with regards to your objectives, financial situation and needs. It is recommended specific financial advice be sought in relation to matters referred.
The information in this document has been derived from sources we believed to be reliable and accurate. Subject to law, Hood Sweeney Securities ABN 40 081 455 165, AFS License No. 220897, nor their directors, employees, agents, representatives or Authorised Representatives gives any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this article.