At our professional development day we got to meet Diana who came to tell us about her story.
It was a difficult story for her to tell and was a tearjerker. She told us about how her husbands life insurance was not enough and how it impacted her family and their lives.
Diana and Brian have three children 17, 13 and five. Brian worked full time and Diana stayed home to look after the family and run the household. She hadn’t worked for years as Brian’s income covered all of the families’ expenses – home loan, bills, food, petrol, school costs etc – many of you can relate to this situation.
He had Life Insurance, but not enough!
They decided to buy a larger house, as the kids all needed their own bedrooms and space. This meant that their home loan increased – which they could still manage on Brian’s income.
Sadly, Brian was diagnosed with pancreatic cancer and he had had no warning signs. Tragically he died eight weeks later. Brian was only 50 years old when he died.
Now, he did have life insurance. But they never increased it when they bought the new house with the increased home loan. They just kept saying “We’ll get around to it”, “we’ll do it later”. Later never came and then it was too late.
Increase your Life Insurance
If you were Diana – what would you do? Do you have a Plan B?
Diana was now responsible for paying for the home loan, bills, food, petrol and three children on her own!! She couldn’t take any time to herself, to work through, what to do – she had to go back to work full time. Which isn’t easy if you haven’t been in the work force for a while.
If they had increased their life insurance when they bought the larger house, then the mortgage could’ve been paid off, with extra to live off for a year or so. The money would’ve given her time to make choices for her and her children. Shoulda Coulda, Woulda.
It really made me feel so proud of what I do – as its all about getting claims paid, but most importantly making sure your clients have the right amount of insurance. I would hate for any of my clients to go through what she did.
None of us have a crystal ball that tells us when we are going to go. The only thing we know for sure is, that it will happen one day – prepare now for the inevitable before it’s to late.
Be SMART – We do all the hard work for you
Have you increased your home loan or haven’t looked over your insurance for a number of years or know of someone that fits the bill then let them know about this. You could even be doing them a favour.
Our SMART Advisers provide a FREE service. They can tailor a plan just for you and your family.
Information contained in this blog is of a general nature only and is not intended as personalised financial advice.
We recommend seeking personalised financial advice from your adviser before purchasing or changing a financial product.
I would like to convey the pleasure it has been dealing with Rohit Ranchhod over the last few weeks while my husband and I have re-evaluated and re-financed our life insurance cover. He assessed our needs thoroughly and adjusted policies to suit our needs. He patiently waited while we had some delays due to medical assessments going astray but guided us consistently without pressuring us at all. His knowledge of other insurances including Kiwi saver is also a useful resource.
Glenda Leigh, – Waimauku