Watch out for the newly promoted income protection client
Imagine this: a hardworking junior manager has finally been recognised for all his or her hard work and won the big job: a step up from, say, $60,000 a year to $120,000 plus car. Wow. Good for them!
Being a good conscientious person right after getting the new job they call you up and arrange to review their insurance package. Happily you set them up with a good loss of earnings or indemnity contract.
Three months later they get bad news and are disabled, laid low with something out of the blue, and although it is covered – that’s the good news – the bad news is that they won’t be getting their full sum insured.
This was a real case, and that situation was discovered by an adviser recently, very surprised to see that the ‘best 12 continuous period of 12 months in the last three years’ would have an unfortunate impact on the claim.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
