Case Study - Kevin
Kevin has a plumbing company that employs 8 plumbers and 1 office manager. He leases the premises they occupy, and also leases the 7 vans that his tradesmen use. While he’s not so ‘hands on tools’ anymore, he’s very involved in the marketing side of the business and maintaining contacts for new jobs.
Kevin contracted Leptospirosis as a result of doing some work on a farm. This resulted in him being totally off work for over 9 months. Based on advice from his Allfinanz adviser, he had bought a Business Overheads Protection policy and a Personal Income Protection policy two years earlier.
This meant that after being off work for four weeks, the costs of running his business such as lease costs, power, telephones and other fixed costs were met by the insurer.
It also meant that after four weeks off work he began to receive 55% (tax free) of his income so personal household costs could still be met.
This meant that a time of major health stress, Kevin didn’t need to worry about his business failing, or how his home loan and household bills would be paid. He and his family could focus simply on recovery.
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