Case Studies and Success Stories
These are real life situations and events of some of our clients. The names have been changed to protect their privacy, however if you wish to speak with them to get their story first hand, contact us and we’ll put you in touch with them.
"I have had various insurance policies provided by Russell at Iconic Financial over the past few years. At times, it has not been easy to keep these policies going and has sometimes involved short-term sacrifices. My life was relatively predictable at that time - l had no significant health issues, I had a steady job, and my husband and I had great kids, which made the insurances seem superfluous to requirements - just an extra bill to pay, the money from which could have been put to some other "better" short-term use that would provide instant gratification.
How easy to think there is security in our futures when things are going well, and how grateful I was to have my insurances in place at a time when I needed them most! After years of predictability and security, I suddenly found myself abandoned by a trusted companion, and left to fight for my life by myself. As well as major family conflict and the deaths of some close family members, I had to deal with a breast cancer diagnosis resulting in surgery and chemotherapy. I travelled alone through that dark valley in my life, not realising there was a silver lining in the dark cloud above. A phone call and follow-up visit to Russell is all that was needed for that silver lining to start shining. He reminded me of a policy I had taken out a few years ago, and from then on I was no longer by myself . Russell was quick to action the required application form and he also dealt with all the phone calls needed to claim the $125,000 which has become a silver lining for my retirement fund. The dark valley with the dark cloud has disappeared and I am left with the silver lining and a bright future, and I cannot thank Russell and his team at Iconic Financial Limited enough for giving me a future much brighter than I would have dared to imagine possible."
Alan was a 45 year old farmer from Waiuku who had been farming the family land for many years. He was driving a tractor one day when it went out of control. The resulting accident left him with two broken legs, and he hit his head quite badly. The broken bones healed well but the head trauma was a different story. The damage to Alan’s head meant he would forget things, and he was unable to work as a farmer.
Although there was evidence of cognitive impairment, it was impossible to get a doctor to sign that Alan would never be able to work as a farmer again. The doctor’s consulted were just uncertain about whether he would recover from his injury. Without this piece of paper we could not finalise Alan’s claim under his Permanent Disablement Cover for a large, six figure sum. Alan intended to pass the family farm on to his children, now he worried about how he was going to pay the mortgage, and what would happen to him and his family if he had to sell it.
We took responsibility for handing his insurance claim. We had great difficulty getting the document through which would require the insurer to pay the claim, and Alan is certain he would have given up on his claim if we had not been there with him, supporting him all the way.
It was five years later we had the opportunity to re-submit the claim; the insurer had changed the policy wording on their Trauma Cover. They added cover for head trauma including cognitive impairment; this meant we only needed to prove that a cognitive impairment existed, and not the more stringent requirement of never being able to work again. This we were able to do. We called Alan and told him the great news; we visited him and completed a new claim form. He promptly received a substantial six-figure payment into his account and was able to pay a large amount off the farm mortgage.
Two years later, seven years after the accident we were finally able to prove that our client would actually never work again as a farmer. We were then able to get the final part of the insurance claim paid. This final payment has protected the farm and ensures it can continue to remain in family ownership for future generations.
This is how we commit to our clients. It’s one thing to put insurance cover in place for someone; it’s something else to ensure a claim is paid. This is the experience you will benefit from working with Iconic Financial Limited.
Andrew was in his twenties when he was first introduced to financial planning. At that time we put a plan in place to protect his current position, in particular ensuring we insured his ability to continue working and earning. We also put in place a plan to fund the purchase of his first home (he was then renting), and began a retirement investment.
A couple of years later Andrew met his future wife. We subsequently helped finance them into their first home. Over the years they have had two beautiful children and progressed exceptionally well financially. With regular reviews of their financial plan, and with their commitment to their goals, they now have a large new family home with sea views, as well as a four bedroom investment property, a sizable and growing investment portfolio, and a full range of risk protection insurance to ensure that if something goes wrong, such as illness or disability, it will not destroy their financial dreams.
They are still young, with a young family and they are on track for a secure, comfortable early retirement.
So who are this couple? Are they successful business owners? Are they high net worth individuals? Are they high earners? No; they are your typical Kiwi couple, employed in typical roles; but they are different from the average. They chose early to work with a Financial Planner, they followed the advice they were given, they identified their goals and they continue to work towards them.
John and Tracey had chosen to delay starting a family and owning their own home until after they had established their business. They were both keen sports people and travelled to compete in tournaments. It was on one of these excursions to compete in Tauranga that the mini bus Tracey was travelling in was involved in a serious accident. This was of course devastating, and could have seriously set back their plans, as everything was invested into their business and Tracey was a vital key person in the business.
Fortunately they had taken out the risk management plan we had recommended. Funding was now available to replace the salary she was receiving and to meet business expenses at a time of reduced turnover. The great news is that she made an excellent recovery. Had she not though, additional money would have been paid by the insurance company to ensure their financial goals, including owning their own home, were still met. The insurer also met all of her medical expenses and assisted with rehabilitation.
Their business continues today, is successful, and has allowed them to now purchase their own home and have a family. Additionally they have investments to help them achieve their future goals, including a retirement plan.
Jean was the sole key person in her business; if she didn’t work, she didn’t earn. Unfortunately she was diagnosed with uterine cancer. She had the foresight to have taken Trauma Cover on herself, as advised by us. This provided her with a lump sum payout: she used the money to replace her income during what was a difficult time. Fortunately they managed to catch the cancer in its early stages and after surgery and treatment she was given the all clear. Jean returned to work after six months and was able to invest the remaining money from her Trauma Insurance claim to provide her with future financial security and to contribute towards her retirement investment.
His former financial adviser, who had recently been diagnosed with a terminal illness, introduced us to Peter. This adviser was also a close personal friend of Peter’s and he chose us to act as the investment adviser for his friend in his absence.
We have been pleased to take over this role providing certainty that his investment is professionally managed. We have also worked with Peter to produce a personalised Financial Plan so he knows that his money will safely see him through his retirement.
Paul was a financial adviser who had suffered an accident whilst diving. A powerboat had ignored the safely distances from the dive flag, which warned that there were scuba divers below. When Paul came to the surface he was struck on the head by the boat. He suffered a head injury as a result, and while he recovered from the physical effects of this, it left him with a cognitive impairment, which means unusually poor mental function, associated with confusion forgetfulness and difficulty concentrating.
As a financial adviser Paul was well insured against such accidents. Prior to when we met Paul he had received on-going benefits by his insurer to replace his income, pay his mortgage, cover his business expenses, and replace his lost business profits. However, his insurer was no longer paying his claim, and hadn’t been for sometime. Managing the claims process is highly complex; it requires the skill and expertise of an experienced adviser. Whilst Paul had these skills himself prior to his accident, his cognitive impairment meant he was unable to manage his own claim. He had not met the on-going requirements of the insurer, and the insurer felt that he was actually fit to return to work.
There was no financial benefit for Iconic Financial to look after Paul’s claim, but we felt compelled to ensure that justice prevailed and his insurance did what it was intended to do, to take care of him in his time of need. We worked with Paul to ensure every requirement of the insurance company was met, that he went to the appropriate specialists and reports from the specialists were supplied to the insurer.
Paul’s insurer began making payments to him again after a very short time and they back paid him for the time the claims were not being paid; this was a six-figure amount! Paul is still on claim, his insurer is still paying all his benefits, and it’s looking increasingly like Paul will never work again in the occupation he was insured for.
The biggest outcome for Paul is that the financial stress has been removed, meaning he has the best chance of recovery as a result and he has the best possible quality of life.