Sally's story

Sally was 27 and lived with her flatmate Jenny. She worked full-time and had been in her previous role for around three years before just recently starting another job. She had a small amount of savings which was her nest egg for her dream future house. She regularly added to this from her wages.

Her new employer offered to pay her super payment into their preferred super fund. They provided her with information about it which was all financial jargon to her. It talked about insurance as well, which she had never taken any interest in. She decided it couldn’t hurt to speak to a financial planner. She also wanted to ensure if she was unable to work due to an unexpected illness or incident like one of her colleagues encountered, she could still pursue her dreams of buying a house and maintaining her current lifestyle.

She arranged an appointment to see a BankVic financial planner and after her initial conversation,  she understood that  she needed advice regarding her personal risk insurance and deciding between her two existing super funds and the new super fund being offered by her new employer.

As a result of receiving the advice:

  • Sally rolled over the balances from her other two super funds to her new employer super fund. After the financial planner’s analysis, this was the best option for her situation.
  • She was also advised on the most appropriate investment option she should invest in. 
  • She also arranged for suitable levels of personal risk insurance. She obtained total and permanent disability cover that ensured if she became totally and permanently disabled, she would have money to buy a house, meet medical expenses and have a comfortable life. If she was temporarily disabled and couldn’t work, she now had income protection cover which would pay her 75% of her salary until she could return to work. She also had trauma cover which meant if she suffered from a traumatic event such as cancer, stroke or one of many insured illnesses, she would be paid a lump sum to help pay for medical expenses, time off work and rehabilitation costs.

Sally was now confident she was on the right course. She knew her super fund was appropriate and that she had the insurance necessary to ensure her goals and dreams were protected against what life might throw at her.

BSB: 704 230

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