When Duncan met with Will Leang, his Apex adviser, in 2016 his main concern was his insurance premiums going up. Duncan was in his 50s and had a number of different policies with different providers. Some policies he had signed up for from his work, others through another adviser. Only a few of those policies were serviced by Apex. “I wouldn’t say what I had could be considered a proper plan, but I did have insurance in place”, says Duncan.
When Will went over their needs analysis he uncovered 2 things. Firstly, Duncan still needed his insurance to look after his family. Secondly, he had been a non-smoker for several years. Will was able to change Duncan’s policies to a non-smoker rate, getting a significant saving across all his policies. This saving meant that Duncan was happy to keep his insurance.
“I was lucky that I took on Will’s recommendations and kept my insurance”, says Duncan today. Not long after their meeting Duncan was diagnosed with cancer and had to undergo major surgery. At a regular check-up in December 2017 Duncan found out that the cancer had returned and spread, and doctors couldn’t operate on him. “Everyone’s worst fear is that the cancer returns – and in my case, return it did”.
“Will did great by us, he took over all the claims with all the different providers. Even those policies that were not under Apex”, Says Duncan. “He completed the claim forms and helped us with medical terms, he made the claims process really easy for us”.
All of Duncan’s insurance claims paid out, including being able to withdraw his KiwiSaver funds due to terminal illness. About the money they received Duncan says, “we were able to pay off our mortgage and put some money aside in an investment fund”.
Duncan and his family are making the most of this situation by getting good financial advice - they are taking this time to think about the financial impact on their children and what the future might bring. They have even taken some time off to visit family overseas, because they don’t have to worry about the money side of things.
“Psychologically it’s made a huge difference, especially with me being the primary provider. I know that my family is taken care of”, says Duncan.
Stories like this reinforce what we say to clients – insurance is not an expense, it is an investment. When you are concerned about your premiums going up or unsure about the value it provides to your current situation it is worth-while speaking to one of our advisers about your needs.
We all hope we never have to claim on our insurance. But when the time comes, insurance gives you the peace of mind of knowing that no matter what, your loved ones are taken care of.