Life Insurance

Case History 1: Life Insurance

Life Insurance Case History 1

the following is an example of a Case History in relation to Life Insurance. If you require advice regarding an Life Insurance Policy, please contact us directly.

The Situation

Maureen, aged 38

Maureen was a 38-year-old office manager, working for a land development company.

Two years earlier, she and her husband had divorced, leaving her with a mortgage and sole responsibility for the care of her 14-year-old son, Todd.

Now a single parent, Maureen became more aware of her financial vulnerability. At the suggestion of a friend who had been in similar circumstances, she consulted a financial adviser.

The adviser carefully talked her through her various options and devised a plan to financially protect her and Todd, if something ever happened to her. Todd had always worked hard and done well at school, and she was particularly concerned to make sure that he would be able to afford to go on to university, if he wanted to.

She took out a Life Insurance and Trauma Insurance Policy / Diagnosis Insurance Policy for $500,000. She also took out an Income Protection Policy, in case she was unable to work because of an accident or because of an illness, temporarily or permanently.

Less than two years later, Maureen went home from work early one afternoon with a bad headache and the feeling she might be getting the flu. Later that day she lost consciousness and was rushed to hospital. She had suffered a brain haemorrhage, and died that evening without regaining consciousness.

Under her Life Policy, Maureen had nominated Todd as her sole beneficiary. He received the $500,000 through a trust fund set up by the fund's solicitors. Todd is now working hard for his TEE with plans to become a doctor. Or perhaps a vet. Or maybe an architect.

If Maureen had not secured herself and Todd, financially through insurance - how do you think would this story might have ended???

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DISCLAIMER

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