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The Human Impact Insurance Can Have | Independent Financial Advice

Personal insurances that financially protect us in events such as death, disability and illness can amount to a substantial amount of money over time. Ultimately, we hope that the money we spend on these insurances ends up being a waste of money, but unfortunately for some, it does not become a waste when a claim needs to be made.

Likewise, we hope that we never need to help our clients make a claim, but unfortunately, this does happen and certainly forms part of the way we support clients in times of need.

Sadly, in the last year, we have seen five claims come through our business.  I cannot explain the level of financial relief these clients experience when a claim is paid. It has an immeasurable effect on their ability to move forward, free of financial hardship and with peace of mind.

It’s common that within a family the mother or father may be the main provider. If something were to happen to them, it would be normal for them to struggle with no longer being able to provide for their family as they once did.

In writing this piece I recalled a conversation I had recently with a father who was no longer able to work, his daughter had asked him if they were going to be okay and whether they would still have money to pay for food and bills. This was a very emotional conversation and he couldn’t convey to me how important it was that he was able to tell his daughter that they were going to be fine because the insurance policy was going to continue to pay income to them, even though he was no longer able to work. If he had not put appropriate wealth protection arrangements in place his circumstances would have been completely different.

Here’s another scenario I often hear, “I’ll get insurance when I have a family”, however, I would argue it’s just as important to provide for yourself, so if something unfortunate happened you wouldn’t need to rely on others to support you. The difference receiving a claim payment can make is literally life-changing.

The level of emotional stress you can experience when illnesses are diagnosed, disabilities acquired and when death happens is significant. If we can at least remove the financial stress by transferring that risk to an insurer, that’s one less thing to worry about allowing you to focus on your health and family.

At Hewison Private Wealth, full claims facilitation is at the centre of our value proposition and part of our service offering. Like I mentioned earlier, hopefully, this is something we never need to help you with. But in the unfortunate circumstance, the last thing we want is for you to have to deal directly with the insurance company while focusing on more important things. By holding your hand through the process, we can ensure that the claim progresses smoothly in the background.

From my perspective, dealing with claims can be emotional because it’s hard to see people go through difficult times, but at the same time, it’s the exact reason we have these arrangements in the first place. Being able to tell someone their claim has been accepted and that they/their family will be looked after completely reaffirms why I do this.     

 

When was the last time you had a health check on your insurance coverage? Together, let’s ensure your requirements are considered and met. Connect me directly with any questions, I’m here to help.

 

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.au

Please note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.