Client Journey: Kaye and Andrew
Life often has a habit of throwing you a curve ball and for Kaye and Andrew, their journey was no exception. In December of 2015 life changed when, following a routine check-up, it was discovered that Andrew had a tumour in his bowel and surgery would be needed within the week.
Kaye and Andrew had been working with Murray Wilkinson and the team at Future Gen Solutions on their financial plan for years previously and were therefore able to lodge a claim with MLC Insurance under their critical illness policy, which provided a lump sum payment for critical illness events. They also had an Income Protection policy in place which provided a lump sum payment for critical illness events while also paying an amount into Andrew’s superannuation fund. Both claims were successful. The Recovery Money policy being tax free and the critical illness benefit from the Income Protection policy being assessable income.
Fortunately, the tumour was found to be malignant and was removed and Andrew was able to recover quickly. With the proceeds, Kaye and Andrew paid down their home loan sufficiently to take the pressure off. With the Financial Advice benefit that was provided under the policy benefits, Future Gen Solutions forged advice on reducing the debt against the family home and managed Andrew’s tax position through the additional assessable income.
Over the course of the following year, Andrew’s circumstances changed again when he was made redundant. With the buffer that had been created through payment of their home loan, Andrew was able to successfully navigate into a new executive role, without the pressure of having to rush into a new position.
Today, Kaye and Andrew remain on track to achieve their financial independence goals.
Future Gen Solutions is a leading-edge consultancy practice with over 20 years of experience specialising in the integration of financial advice, wealth management and business succession. Whether you’re trying to buy your first home, sell your business, grow your wealth, leverage your current success to secure a better future or create a legacy for those you love, Future Gen Solutions can help you understand what’s possible and how you can get there. Contact our team of professional financial advisers on 07 3391 1624 or firstname.lastname@example.org