It seemed to be a day like any other. A busy senior partner in a successful accounting firm, Michael, 45 years of age, thought he was in pretty good shape. However, in May 1994 he suffered a serious stroke.
He claimed on his Income Protection Insurance and after five days he received money from the insurer They paid out on the Bed Confinement/Hospitalisation benefit. He received $1,500 for the total time he spent in hospital.
Michael, having selected a 13 week waiting period, received approximately $3,800 per month from September 1994.
After his fight for survival the last thing he needed to worry about was how the bills were to be paid. The insurer settled the claim quickly, helping Michael get back on his feet. After only three months of receiving the full monthly Income Protection Insurance payment Michael was able to get himself ‘up and running’, taking on non-strenuous tasks and working 20 hours per week. His salary was still topped up by a Partial Disability Income benefit of $2,700 per month.