CASE STUDY

At 37 years of age, Phil, a client of ours, was a senior Bank Manager with two young children of school age when he unexpectantly suffered a heart attack. 

With trauma cover in place, Phil was able to make a claim and received a lump sum payment of approximately $260,000 to cover immediate medical expenses and other financial needs. Whilst he was able to return to work roughly one month after the incident, his trauma payment enabled him to significantly reduce his mortgage. In turn, this then allowed him to reduce his workdays from five down to four, as work-related stress was identified as one of the contributors to his heart attack.  

After collapsing during his heart attack, Phil damaged his teeth but was able to use the remainder of the funds to promptly pay for some needed dental work and still had enough money to put aside an emergency fund in the bank, ensuring he had financial back-up in the future if his health failed him again. 

It is very unlikely that Phil would have had any entitlements under workers compensation, as the heart attack occurred outside of work and his heart attack, whilst partly blamed on work related stress, was also due to poor diet and lack of exercise.

If you become sick or injured as a result of your job, you may be eligible for workers compensation. However, solely relying on this as a form of protection could leave you in a spot of trouble if your claim doesn’t qualify. 

Workers compensation is your employer’s insurance and while you may receive benefits, you are not the primary beneficiary. For a secure future both inside and outside of work, find out what cover you really need. Don’t leave it until it’s too late, calculate your cover now.

CALCULATE YOUR COVER

Speak to a financial adviser near you for advice on the right cover to protect your lifestyle.

.

Have questions about how you can protect yourself against life’s plot twists?

Collection of information on this page is done in accordance with our Privacy Policy.

RSM Financial Services Australia Pty Ltd is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. 
RSM Financial Services Australia Pty Ltd ABN 22 009 176 354, AFS Licence No. 238282.

Each member of the RSM network is an independent accounting and advisory firm each of which practices in its own right. The RSM network is not itself a separate legal entity of any description in any jurisdiction. The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number 4040598) whose registered office is at 50 Cannon Street, London, EC4N 6JJ.

The brand and trademark RSM and other intellectual property rights used by members of the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland whose seat is in Zug. Any articles or publications contained within this website are not intended to provide specific business or investment advice. No responsibility for any errors or omissions nor loss occasioned to any person or organisation acting or refraining from acting as a result of any material in this website can, however, be accepted by the author(s) or RSM International. You should take specific independent advice before making any business or investment decision. 

Make sure you too have the right protection against the unexpected.