South Australian, first home-buyer, Simon, took out a mortgage on a single income. With a demanding job, he decided it was a good move to take out a mortgage protection plan after he and his broker thoroughly discussed the benefits of having a backup, in case something was to happen.
Then, in what felt like a blink of an eye, Simon was faced with a cancer diagnosis which turned his life upside down.
“I had to take six weeks off work to recover. I was in the change of a different role at work as well, so I took on a non-operational role, which suited me because I wasn’t physically able to go back into the work I was doing before the diagnosis”.
After being an independent home owner in his mid – 30’s, Simon’s life for the next five years will consist of doctors’ check-ups every three-months, full bloods, CT scans and heavy medical surveillance until he reaches the “in the clear” mark. Fortunately for Simon, taking out the protection plan means he was able to claim on his policy and make this next phase a little easier financially.
“I put off claiming on my policy for eight months because I just assumed it would be really drawn out like other insurance companies. When I did eventually call up, Colette was just fantastic it was so easy and so quick. I filled out the paperwork and that was it. It’s such a stressful time when you’re unwell so it makes a huge difference when everything moves smoothly and professionally. It was the easiest claims I have ever had to go through”.
With the payout Simon received from making a claim on his policy, he was able to use that money where he needed to do and focus on the future not his finances.
“I was able to pay off a lot of bills, do some renovations on my home which had been on my list for quite a while, I booked a holiday for the end of the year and I even paid for the renovation of my parent’s bathroom as a thank you to them for their support. Having the money just appear in your bank account and knowing it’s yours to use where you need, I can’t describe it”.
The impact of the cancer diagnosis was not only hard on Simon, but very difficult for his family as well. From visiting the hospital every day to helping Simon adjust back at home and into normal routine again meant everything to him.
“It was probably my parent’s worst nightmare and they handled it really well, which is why I insisted I use some of the funds I received to renovate their bathroom. Mum was very angry about it at first, wanting me to keep the extra money, but is very grateful and happy now and it means the world know I was able to do that for them”.
Thinking about what he would have done if he had never been offered protection by his mortgage broker, Simon says he has no idea how he would have managed.
“If no one had mentioned it to me, I would never have even thought of it. You hear of life insurance, but you never think about illness, injury or losing your job and taking out something to cover you in case it happens. I tell all my family and friends to look into mortgage protection now. There are too many people who think “it won’t happen to me”, which is how I used to think and then all of a sudden, there’s a curve ball”.