April 12, 2015
John was a fit and strong 42 year old man who relied on his physical strength for his job, when he collapsed at a bus stop in agonising pain. Initially doctors thought he had Sciatica (damage to the Sciatica nerve that causes pain and muscle weakness) but after testing it was revealed that he was suffering from a staphylococcus aureus (golden staph) infection. The infection was so severe that he had to have it surgically removed from his spine. John was left with the no option but to go ahead with the risky procedure and face a 20% chance of death, not undergoing the surgery would mean almost certain death.
John had seen Keith from Southern Cross Wealth Management 5 years previously and had been advised to take income protection in the event of an unlikely accident. Initially John was reluctant given his good health and lack of additional funds to contribute to such a scheme but with Keith’s wealth of financial knowledge he was able to provide a solution that allowed John to have the insurance he needed without being out of pocket.
“I didn’t know I was so well covered. You obviously new what I needed and did your job well. I would hate to think what would have happened if I didn’t have this cover”
Unfortunately for John his pain grew even more severe and he ended up back in hospital. He was diagnosed with Arachnoiditis (inflammation of the arachnoid, one of the membranes known as meninges that surround and protect the nerves of the central nervous system) from a complication in the surgery. With a family to provide for and unable to work John was devastated to learn that there is no cure and that he would suffer this pain for the rest of his life.
Once again Keith’s financial advise helped provide some relief. He knew John would you need lifelong care and set the wheels in motion to apply for a disability grant. He arranged all the paperwork and agreed on a suitable financial solution given John’s position and together they completed the request. Within a few months John received his ‘Permanent Disability’ lump sum of $600 000 as well as a secured monthly income of $6000 until he’s 65 years old.
A short while after that Keith met with John to provide some further financial advice that would help look after him and his family beyond 65 years of age. John spoke of his ordeal and the relief he experienced to learn that he had this cover. He was also struck by the number of people he had spoken with since who did not have the kind of cover he had and how ignorant people are of the importance of having adequate insurance. He recalled conversations with a CFO and his brother, who is a tax agent lawyer, about them learning from his experience and now taking steps to ensure they receive the same protection for themselves and their family.
When asked what he would advise people, friends and family, about insurance John replied:
“Take my number and call my, I’ll show you why you have to have insurance. You need to know that if something goes wrong, you’re covered”
Since receiving his money John has sought additional financial advice to ensure his financial future is secure well beyond his 65th year. Keith was able to provide information and recommendations on how John could invest his money, find a Super that’s better suited to his life situation and reduce unnecessary risks.