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The Ingram's Life Plan
At age 63, Jack suffered a heart attack only 9 months before he was due to retire. Angie, his wife, was still teaching and planned to continue for several years. Jack recovered fully but never returned to work. Fortunately, the Ingrams had Trauma Insurance which paid a lump sum following Jack’s heart attack. When they received the benefit, they consulted their financial adviser on how to stretch any remaining funds after making modifications to their home to ease Jack’s mobility. Another concern was whether Angie should go back to work when Jack recovered and how this would affect their finances.
Their financial adviser (who thankfully recommended their Trauma cover) first evaluated the financial impact of Jack’s heart attack. Despite being prepared for imminent retirement, Jack’s loss of income, his medical expenses and his changed living requirements (including the extended leave taken by his wife) greatly impacted their plans for financial security in retirement. Their saving grace was the Trauma benefit, without which there would have been significant differences in planning their financial future. With Jack living unassisted a year later, Angie’s return to the workforce is a valid option. Given that she not only will continue regular earnings, the Investment strategy selected by their financial adviser gives them an income stream from one of Jack’s Personal Pensions. This combination provides comfortably for them until Jack becomes eligible for his age pension.
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