All staff at Beach Wealth Advisers have long held the belief that personal insurance requirements should be assessed for each and every client and their families. The whole team at Beach Wealth Advisers steadfastly shares this conviction.
We have always been very strong advocates of our clients holding appropriate trauma/critical illness policies if their personal circumstances dictate the need. Often we recommend these policies in conjunction with income protection, life insurance and total and permanent disability as required.
Over the years Beach Wealth Advisers have assisted many clients with making claims in relation to their insurance policies. In many instances the successful claims process has averted financial disaster for our clients.
I always insist all staff members “practice what they preach” and ensure each and every member of staff has adequate personal insurances in place, including trauma/critical illness insurance.
Unfortunately, Beach Wealth Advisers has recently had first-hand experience of the value of holding a trauma insurance policy. Sadly, one of my long-standing and valued staff members has recently been diagnosed with a critical illness. This has been distressing for everyone in my office, but that’s nothing compared to what this individual and their family are going through.
The one saving grace in all of this is that my staff member had a significant trauma policy in place with One Path. As soon as a diagnosis, was confirmed we were straight on the phone to One Path. They could not have been more helpful. Although it took some time to gather the required medical information and reports, as soon as these were delivered to One Path the claim was assessed and approved within four days and a lump sum payment was made to my staff member’s bank account two days later.
Although this lump sum tax-free payment will not buy the physical health of the staff member concerned, it will buy their financial health. The sum paid will allow for debt management, medical treatment and ongoing therapy thereby ensuring this family stays financially sound while dealing with this illness. Sadly, the mainstream populist media (and one or two journalists I can think of in particular) more commonly act in a manner that discourages Australians from seeking professional and holistic financial advice.
My message is simple. If you are a financial adviser you are undoubtedly already assessing the risks faced by your clients, but don’t forget your staff. It’s incredibly important. Secondly, if you’re a consumer considering seeking financial advice in relation to your insurance requirements – do it. Don’t put it off and don’t be put off by vested interests in the media. Our recent claim experience with One Path could not have been better and the outcome for my staff member is incredibly important.
Tim Ford is managing director of Beach Wealth Advisers
