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The value of expert advice: Melinda’s story

Melinda was a self-employed Sales Representative in the Automotive Industry. When she was first referred to us, she had no debt or dependants, and was mainly interested in protecting her income in case of an accident or illness. She did a lot of driving to see clients.

CRA organised income protection cover for Melinda of $3000 per month, supplemented with $200,000 of trauma insurance. The total premium Melinda paid was $174 per month.

Our advice when things changed

One day, Melinda contacted us to make some changes. She was expecting a baby and starting to reduce her workload, so didn’t see the point of keeping the income protection cover.

Insurance needs often change when circumstances change. But in Melinda’s case, we recommended that she keep all her covers at least until her baby was born, in case of complications. We knew from experience that cancelling insurance too early can be a big mistake.

Bad news, and how we helped

Soon after her baby was born, Melinda was diagnosed with breast cancer, and had to move to Melbourne for several months for treatment. Fortunately, having followed her CRA adviser’s recommendation, Melinda was still covered by her income protection and trauma insurance, and we were here to help her through the claim process.

Altogether, Melinda received more than $25,000 in income protection payments, and the full $200,000 from the trauma policy. The money meant that Melinda’s partner could take time off work to look after her and the baby, and also covered their medical, relocation and living costs.

After successful treatment for cancer, Melinda used the remaining money to study full time, helping her move into a more rewarding career.