20
Sep

Income Protection Insurance Review

The situation

Our senior insurance adviser Mark Sacks approached a client recently to do an annual review on the multiple policies that have with Experien. The customer wanted to reduce some costs and wanted to ensure he was still getting the best value for money.

Identifying opportunity

Mark told him he will compare to the other 10 insurers but before doing that, Mark asked him if he had any health issues or if anything had  changed since they last spoke. The customer said he had fractured his shoulder, months prior to the review but he didn’t take any days of work as he worked with a sling on. He didn’t think he could claim on his policy given there is a waiting period.

Mark knew the client had a high quality income protection policy which pays upfront upon certain fractures occurring, Mark asked him for a copy of the xray report which identified the shoulder fracture. This meant he qualified for a pay out of $26,000, due to the schedule injury benefit. Mark met with him, did the paper work required and managed the claim for the client and within a few days the client was nicely surprised with the money.

What is a schedule injury benefit?

It pays upon a fracture of certain limbs, requiring embolization, such as legs, shoulders, arms, ankles, vertebrae etc.