Having insurance is one thing, Having a Financial Adviser is another...

Matt Leech 10th May 2013

​I want to share this story with you, not because I'm a financial adviser but because it's important.

About a year ago, I met with a client who just needed a simple superannuation rollover. I was happy to help with the forms etc because super rollovers can be difficult if you don't know the process. It all went smoothly and he was happy. He then asked me if I could do the same thing for his Son who has super everywhere, again I was happy to help.

It wasn't until we discussed his family that I learnt his Son had been on a Centrelink pension for 5 years due to a crippling illness which stopped him from working and the financial responsibility was with the Mother & Father.

My immediate thoughts went to insurance instead of super rollovers so my question was, "Have you ever reviewed your Son's insurances within his super? you could potentially have a claim" The look on their faces indicated that I had two heads!

After compiling all the information and superannuation statements, I could see that the Son had some insurances and that we had a potential claim. The super fund had 'default' insurance (which he wasn't even aware of) and hadn't even thought to have looked there (Even after 5 years out of the workforce)

Recently, after a year of pushing his super fund/insurer, they have approved the claim. Whilst I think it was a positive to have had the insurance in the first place, what is the point of having it if you're unaware of it's existence. So having insurance is one thing, but having a financial adviser who can assist is another.

If I can stress to you that you review your insurance cover (wherever it is) and if this falls into the too hard basket, then seek out a professional financial adviser to assist.

I can tell you from personal experience that it's always going to be a purchase but that you begrudge but when in need, it will be the best purchase you ever made!

If you or someone you know may have a claim, feel free to find me on;

• Twitter @MattLeech
• Website www.mattleech.com.au

-Matt Leech