A Claim Delayed

Part of my business involves servicing a number of clients for an older adviser who has retired. I recently reviewed one of these clients – let’s call her Viv. Viv and her husband are in mid & late 50s. Viv earns around $65,000 p.a. but her husband has been in and out of work since being made redundant at age 58. They were under considerable financial pressure.

In the course of our conversation, I asked Viv about an odd blank-like space on her  iris.  She explained that in 2008 she was diagnosed with a melanoma on her iris and it had been surgically removed.

On checking her file, I found that she had a trauma policy taken out in 2003. A trauma policy will pay on diagnosis of any one of up to 40+ conditions and events, chief among which are cancers, heart diseases and strokes.

It occurred to me that Viv’s iris melanoma MIGHT qualify as a claim under her trauma benefit. I asked for  and forwarded the histology report from the treatment  8 years ago. I  asked  for  an assessment as to whether it was worth putting in a formal claim. The claims department advised me within a few days that a full formal claim was worth considering.

The Outcome? Eight years later, Viv received the $50,000 due to her melanoma. What’s more, she received a refund of the 8 years’ of premium paid since then was well (another $4,990).

The Point? Without “Your Valued Adviser” offering Viv a review – and without she & her husband taking up that offer – she would never have known about the potential claim, and would probably have never received her benefit, which came at a time when it was most needed.

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