About five years ago, Sarah and Mark were setting up their own construction company. They knew of someone in their line of work who’d built a similar business but had ended up losing everything when a major accident left them unable to work and without financial cover.
They also heeded the warning of a friend suffering from cancer, who with help from insurance was able to enjoy time with family without the worry of not having an income.
Both stories felt like a sign.
“It was always on my mind.” says Sarah.
“Mark is the key person in our business and without him, we wouldn’t be able carry on. We had to get insurance because you just don’t know what is going to happen.”
The couple, who have five children, sat down with AdviceFirst and explained every scenario of what could possibly go wrong. Following advice, they protected themselves with a mix of health insurance, key person business cover, personal income and trauma financial protection.
“The business cover was a no-brainer because the business pays for it and we got personal cover and life cover so that if anything happened our children would have a roof over their heads,” says Sarah.
Six months later, they realised it was probably one of the best decisions they had ever made.
When Mark suffered a dangerous accident on holiday overseas, his severe injuries seriously impacted his ability to work and keep the company going. In fact, with a lot of expensive equipment still on hire, the business was on the brink of collapse when the insurance kicked in.
“It was a huge relief. When I got the call from the insurer, it meant we could concentrate on Mark’s illness and recovery. We had financial support, so we didn’t have to worry.”
AdviceFirst managed the whole claims process for the couple with the insurer.
Over time, the policies have helped with financially preserving the business, personal financial commitments including the mortgage, and covering the cost of several treatments.
Sarah thinks there’s a simple lesson in all of this.
“I would never take out insurance myself without the advice and service of an experienced Financial Adviser. I’d be so afraid that I’d miss out on the benefits that we’re entitled to.”
The couple’s AdviceFirst Adviser is James Polson.
“James is like our interpreter. I’m an educated and intelligent person but I can’t decipher what all the insurance jargon means,” says Sarah.
“He’s very much on the ball. He answers me before I’ve even finished sending him an email. I work late at night and if I email him with a question, I’ll get a response from him early in the morning!”