Life Insurance Claim example…Do insurers pay?
Just ask Geoff – a claimant’s story:
Geoff and his adviser’s real name have not been used to protect their privacy.
Geoff thought the world was at his feet as he prepared himself for retirement, until he was diagnosed with a life-threatening illness. The following is an extract from a letter we received from him…
Six weeks ago I was diagnosed with bowel cancer and secondary liver cancer. My initial diagnosis was three to six months and I was facing the possibility of a major operation to remove the cancer in my bowel. By the afternoon, after my second visit to the specialist, my life expectancy had been reduced to between six weeks and three months.
I phoned my insurance adviser David, who I had known for 19 years and who had originally assisted in putting my insurance cover in place. Within three days of submitting a claim, I received my first payment of $653,535 and then another payment which brought the total payment to over $1.2 million.
Although I have not met the people who have been involved, David kept me informed of everyone’s efforts to ensure that my claim was processed in the most efficient manner. I am sure this has a lot to do with the excellent relationship that he has with my insurer and the fact that the right advice was given in our situation.
To all your staff, I would like to express our thanks for relieving me of the financial burden and worry that I would have faced if I did not have this cover. The payments from the insurer enabled Geoff to obtain an expensive medical treatment from Japan, only available to a few patients around the world. After taking this medication for over six months, Geoff was recently informed that his once-inoperable cancer is now operable. This surgery will hopefully extend Geoff’s life expectancy significantly, enabling him to spend more time with his family
Thank you to AIA for providing this case study. Shartru Wealth Management Pty Ltd AFSL 422409 – This information is general advice and does not take account of investors’ objectives, financial situation or needs. Before acting on this general advice, investors should therefore consider the appropriateness of the advice having regard to their objectives, financial situation or needs.