Lachlan and Sandra Smith are married with three children Lucy (9), Henry (7) and Oliver (5). The children attend public school in Bundaberg, but they may send them to a private high school. They expect all three children will probably go to University and they would like to assist them when the time comes.
Lachlan is 40 and employed full time as a manager on $85,000 per annum. Sandra is 38 and employed part time as an administration assistant on $25,000 per annum. Sandra intends to stay working part time until Lucy starts high school.
Then Lachlan was diagnosed with Hodgkinsons Lymphoma. His GP advised that this would require at least 12 months in Brisbane receiving chemotherapy, that he would need a bone marrow transplant and to prepare himself for a long battle.
Thankfully Lachlan had received advice from Ulton to implement insurance 8 months prior to the diagnosis. He phoned us to let us know and we immediately prepared all of the claim forms. Lachlan’s insurance included the following:
Income Protection Insurance which would pay 75% of his income plus his 9% super contributions after a 4 week waiting period until he is able to go back to work. $170,000 Trauma lump sum payment. Hodgkinsons Lymphoma is an automatic claim.
The Lump sum payment allowed them to do the following:
Having the insurance gave Lachlan peace of mind that the family would not be financially disrupted at a time when they were dealing with the realities of his cancer. It also meant that he could afford to get the best medical treatment and recover properly. He could concentrate on his recovery knowing that the family were financially taken care of.
Lachlan did not have any insurance. He would have to contact Centrelink to see what his options were. He also needed to urgently meet with the Bank manager to see how they could keep the house if he was off work for 12 months. Sandra had to go back into full time employment which disrupted the children at a time when the household was already in turmoil. Because she will need to work full time, Sandra and the children may not be able to visit Lachlan very often in Brisbane. The family are really not sure how they will cope with this traumatic event.