Mark's story - Income Protection in action
Real Life Stories.
Mark, an electrician, was running his own successful business and had established a reputation for reliability. When he found himself spending more time managing the business than climbing ladders and fixing people’s wiring, Mark decided to talk with his financial adviser. After financial advice, Mark took out a tailored income protection policy.
Three years later Mark suffered a serious knee injury playing social Oz Tag Football, meaning he needed a full knee reconstruction.
Mark knew his Income Protection policy would cover 75% of his income while he was off work. But he was worried that dropping into work to keep an eye on things might jeopardise his insurance benefits too.
Fortunately, Mark understood the value of advice and the policy he took out contained a unique ‘10 Hours’ cover definition for severe disability. Mark's injuries met this claim definition and he was allowed to work up to 10 hours per week, which he used to quote and allocate jobs, without jeopardising his insurance claim entitlements. For the first three months after the waiting period, Mark received full benefits. He was then able to work 20 hours per week for the next two months, receiving partial disability benefits, before he could return full-time.
Although the names have been changed, this is based on an actual claim.