AFRM CLAIM STORIES: Trauma policy pays out $562K to single dad and GP

Posted by Bethany Shaw on 12 June 2015

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claim storiesA 69 year-old single father and GP has received a $562,000 payout after being diagnosed with prostate cancer, thanks to the advice of AFRM adviser Theo Holland. 

“I met with this client last year when we were reviewing his policies. Due to his situation I encouraged him to keep his existing cover and even looked at improving it, however this was not possible at the time,” said Theo. “He was very aware of how his daughter relied on him both emotionally and financially.

Nine months later Theo received a call from the GP saying that he had suspicions he may need to claim in the future due to medical results which came to light in a regular check up. As the client was nearing his 70th birthday, it was vital that any claim was approved before the policy anniversary, as definitions on the policy would have changed making the client ineligible for this claim.

“The benefit of having an AFRM adviser by your side during a claim is that we can get claims paid fast and we understand these definitions. The client knew to contact us as soon as a possible illness was suspected, and it only took 10 days to have the claim paid from the time the insurance company had all the correct forms to when it was in the client’s bank account,” continued Theo.

The client had taken out the policy in 2010, which, at the time included $500,000 of trauma cover. This had increased to $532,000 by the time of the claim and he also received $30,000 worth of income protection, which was an extra benefit on his policy. His policy stated that he must require major treatment including radiotherapy, chemotherapy or surgery.

The GP may not even have to completely stop work during treatment, but he now has the flexibility to cut down his hours.

“Suffering a trauma or critical illness means you may never want to go back to work again, even if you can, which is why this specific type of cover is so important. It just gives you so many more financial options,” explained Theo.

“Now my client can have more time with his daughter and it reduces the financial pressure on his family.”

The client wanted to acknowledge that the service provided by Theo was exemplary.