Savvy insurance choice saves business

As an active, fit and healthy man in his 50s, James* didn’t expect a major health scare, so when he got a small cut on his finger, he didn’t think much of it. The cut didn’t heal as expected and instead got steadily worse.

James had developed drug-resistant cellulitis and was rushed to hospital. His condition was so serious that the medical team advised his partner that his children needed to come and visit him - he was in intensive care for eight days and his kidneys shut down.

Doctors recommended surgery, in a desperate bid to save his life. The family were advised that he had an 80% chance of losing his arm. Thanks to the work of an amazing orthopaedic surgeon James kept his arm and has made a full recovery. He was back at work, on light duties, in three weeks.

When James went into intensive care his insurance adviser, Peter Rickards, got a call from his partner at 10 pm on a Friday night asking how he was covered and what they could do. Peter visited the hospital every day, keeping the family calm and working to make sure the cover came through.

“James had a trauma policy with Partners Life, which is triggered by a five day stay in ICU,” explained Peter. “This meant that he had a pay out of $250,000, which meant his business could stay afloat while he was unable to work.” James also had income protection, but because he has a 13 week stand down on the policy and he was back at work controlling his company again within a month he was unable to claim on that policy.

James also had a trauma policy with another provider which didn’t pay out at all. “This provider had significantly poorer policy wordings which meant James did not meet the requirements for a claim – this is a policy we would never sell to a client for these reasons,” says Peter.

For James, this experience showed the value of the relationship he had built with his adviser, and that his trust in Peter to choose the right policies for him, was well placed.

For Peter it reinforced why he loves his job. “Advisers are empathetic and form friendships with their clients,” he says. “You need to work as a team with your clients and always have their best interests at heart, and this means being there when the rubber hits the road.”

Working in an industry that often comes under fire can be frustrating for insurance advisers who work passionately for the best interests of their clients. Peter says he is really proud of the profession and how advisers can improve their clients lives for the better. “We are not salespeople, we advocate for the best policies and getting the right amount of money to the right person at the right time.”

James is now back to sailing, running and diving.  And thanks to his foresight in protecting himself and his business from the unknown, he is back running his company.

If you are ready to have an adviser who is a passionate and dedicated member of your team, get in touch with one of ours.   

*name changed