Employer superannuation funds in action: case studies
These true stories are a perfect example of how powerful and important this cover is.
A male employee joined one of the corporate superannuation business plans we had in place in the business. Three years prior to joining the corporate fund at the age of 27, the employee had a nasty cancer, spindle cell carcinoma, in their right arm. They were unable to get insurance by applying through the normal process because of this pre-existing condition.
The employee joined the employer’s corporate superannuation fund and was provided without medical evidence, no loadings or exclusions, $650,000 of Life Insurance, $650,000 of TPD, and Income Protection of $7,000 per month with a 30-day wait and benefit period of two years. The employee was ecstatic, not because they expected to get sick again, but because this provided them and their family certainty that if they were to get sick again, they would be ok.
Sadly, the cancer returned six months later and, at the age of 29, they were told by the oncologist that they had less than 6 months to live.
Recognising the difficult position the employee was in, I developed a plan, and we were able to have a $650,000 terminal illness claim turned tax free through advice and ongoing monthly income protection payments. In an amazing turn of events, through treatments and nutritional changes, they moved into remission and the money is still there for them and their family.