Income protection cover to the rescue

If Beverley Main could tell people one thing about insurance, it would be that even if the premiums feel expensive, it is worth it, because you never know what is around the corner.

Beverley has had a long relationship with Plus4, so when she got a new job with a salary raise and decided to take out income protection insurance, her Plus4 adviser helped her find the right policy.

However, after 15 years in a stressful job as Chief Executive, she found herself facing burnout, anxiety, and heart problems. Unable to work, she had to leave her job and come to terms with the realisation that she would never work again.

Beverley rang her adviser, Grant Uridge, to cancel her policy, as she no longer had an income to cover. To her surprise, he urged her to make a claim.“It didn’t occur to me that I would be able to claim, but with Grant’s encouragement I went ahead, and it has honestly changed my life,” said Beverley.

Beverley had updated her policy as her income changed, and so had three income protection policies with Sovereign, and found her claim was covered by all of them.

When she left her job, she expected they would have to sell their home and downsize.  With her claim accepted she will be receiving the pay-out until she is 65, which has bought her five years to rearrange her life, and give her a quality of life she wasn’t expecting to have when she no longer had an income.

Beverley is enthusiastic about the help she received from Plus4. “I was very fragile when I called Grant to cancel the policy, and he was incredibly supportive. After what I had been through with my employer it was so nice to have someone who was on my side. He didn’t make any promises that my claim would be covered, but encouraged me to make the claim and see what would happen,” said Beverley.

She also speaks highly of Sovereign. “I had some preconceived ideas about insurance companies so I was blown away by the treatment I received from Sovereign,” said Beverley. “I expected everything to be a battle, but it was the complete opposite, they were so supportive and took away the stress.”In order to have her claim covered, Beverley needed an assessment from a psychiatrist. Sovereign flew her and her husband to Auckland for the assessment. They also offered her three months of counselling and three months with a Pilates personal trainer. “They wanted to give me my best chance to get back into the workforce, however, there was no pressure to do so if I wasn’t able. I felt so looked after, and I felt that they gave me my dignity back,” she said.

Beverley’s policies had included a premium waiver, which means that she doesn’t need to pay the premium on the policy while she is receiving the pay-out. “I had considered cancelling this two years before but had been advised against it, and I am so glad I listened,” she enthused.

Beverley also recommends that people review their insurance regularly. “Because I reviewed my insurance every few years, and increased the cover accordingly, I am getting paid almost as much as I was earning. I think it is important to have more than just the bare minimum of cover,” she says.

If you want to make sure you have the right income protection for your needs, contact one of our advisers today.