Plan with family in mind - a claim story

(I wrote this on April 2005)
One of my client is dying of 4th stage nasal cancer. I am not capitalising on this episode to tell you what to do.

In year 2000, I was refered to him because he has a daughter and wish to buy an Education Policy. My concern for such family will always be to check on the parents' coverage first. I asked him how well is he covered and he told me very well. I pressed him for an answer and he told me $30,000.

I advised him that he should look into his family needs and roughly told him that should anything happen and if his family depend on him for $20,000 a year, he has to be prepared for next 20 years for a cover of $400,000.

Refused to talk to him on Education Policy and find ways to up his coverage with his CPF and his budget from intended Education Policy.

He took my advice, and his coverage was improved to almost $200,000 with policies using his CPF as well.

One and half year later 2001, with another daughter borned, called me for education policy again.

His dread disease cover was low and my advice was to look at this cover first. Gave him another Living Policy with term rider.

2003, Feb, received a call from him that he contracted 3rd stage nasal cancer. Well, I have done my part with peace of mind. Back in my mind then was if he wanted another Education Policy? But I was shell shocked to hear the bad news.I submitted the claim for him and Income paid out the Living Policy, and the Term rider has a waiver for dread disease, thus no premium need to be paid further for the Term rider.

Paid him the two Living Policy, $50,000 term rider continue with waiver of premiums and other policies remain inforce.

Yesterday, the wife rang me to say he is critical in hospital. Two weeks ago when I visited him, I saw his condition to be very bad and do not expect him to past beyond this year. I just message that I want to vist and his wife repled "I've brgt him bk 2 die @home.he wanted 2 come home."
It is sad but that is the reality of life.

We plan what we can appropriately, so that our family will not go through financial hardship though emotionally, it is painful.

End of the day, we all wish we live to complete our family obligation without having to depend on insurance payout, but when things happened, what we plan for, will at least cushion off some financial worries.

Look into our NEEDS and not our WANTS, as I have been saying this since 1988 when I stepped into this industry.

It is painful for my client's wife, but it is comforting what I have recommended and advised have been taken up and now they understand why I do not sell them what they want, Education Policy, but what they need.

He left behind his wife, and two young children age 3 & 5.

Sad story, but comfort is in that the family can move on without being caught in financial setback.

I took comfort in that the deceased client agreed with me in my recommendation because I am also a family man with a wife and three children. I appreciated him for his open mind to accept that family takes priority in insurance planning.