Over the past five years, Michael*, a 66-year-old from Sydney has developed some chronic health challenges.
In 2021, he experienced a mild stroke, impacting his daily life including his movement and coordination. In addition, since 2017, he has dealt with long-standing sleep apnoea and is unable to tolerate the CPAP treatment. Recently diagnosed with Type 2 Diabetes, he manages this, and also takes medication for high blood pressure.
Michael has two adult sons, aged 20 and 22 years, both of whom have moved out of home and are living independent lives as working adults. Michael has some savings, which he has put away to assist his sons with a house deposit when they are ready to buy their own home.
With the changes in his health and some savings put away to assist his sons, Michael decided to take an early retirement in 2021 to focus on his health and well-being. Fortunately, Michael has held $1.2 million in life cover on standard rates since 2008. Michael’s policy is 5% indexed, and he is a non-smoker.
However, cost of living pressures and his change in circumstances are making Michael’s life insurance premiums unaffordable. As he is struggling with his home repayments – which are currently 30 days in arrears – he decides to cancel his policy.
When letting his adviser know of his decision to cancel his life insurance policy, his adviser introduces iExtend and co-ownership as an option.
The option for iExtend to pay all the premiums on the co-owned life policy in exchange for his beneficiaries to receive a minimum of a 10% of the claim payout amount, plus indexation, was attractive to him as he would like to bolster the financial help he provides for his adult sons in the future – whether it be a healthy-sized deposit for their own homes or a sizeable payment towards their mortgages.
Michael was delighted to be presented with the Extend option by his adviser, who talked through the iExtend’s qualification criteria and practicalities of what it could mean for him and his sons. He was offered the iExtend Life Co-ownership Arrangement and happily remained a client of his adviser.
To find out more about iExtend and how it may provide another option when cancelling seems the only option available, reach out to your local Distribution Manager.
* The content within this case study serves as an educational and illustrative example. To ensure confidentiality, certain details such as names and health conditions have been altered.
Address
Links
Stay in touch
Address
Links
We acknowledge the Gadigal of the Eora Nation, the traditional owners and custodians of the land on which we work. We pay our respects to Elders past, present and emerging. We celebrate the stories, culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who work and live on this land.
The iExtend Life Co-Ownership Arrangement is issued by iExi Pty Ltd ABN 33 654 132 813 AFSL 555362 (iExtend). Please read our Financial Services Guide. The information provided in this document may contain general advice, but it does not take into account your client’s objectives, financial situation or needs.
Before acting on or making any decision in relation to the iExtend Life Co-Ownership Arrangement or any other financial product, you should consider the appropriateness of the information, having regard to your client’s personal circumstances, as well as the Product Disclosure Statement and Target Market Determination for the iExtend Life Co-Ownership Arrangement.
By using our website, you agree to our Privacy Policy and website Terms & Conditions.
We acknowledge the Gadigal of the Eora Nation, the traditional owners and custodians of the land on which we work. We pay our respects to Elders past, present and emerging. We celebrate the stories, culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who work and live on this land.
The iExtend Life Co-Ownership Arrangement is issued by iExi Pty Ltd ABN 33 654 132 813 AFSL 555362 (iExtend). Please read our Financial Services Guide. The information provided in this document may contain general advice, but it does not take into account your client’s objectives, financial situation or needs.
Before acting on or making any decision in relation to the iExtend Life Co-Ownership Arrangement or any other financial product, you should consider the appropriateness of the information, having regard to your client’s personal circumstances, as well as the Product Disclosure Statement and Target Market Determination for the iExtend Life Co-Ownership Arrangement.
By using our website, you agree to our Privacy Policy and website Terms & Conditions.
@ Copyright 2024 iExtend Holdings Company Pty Ltd. All rights reserved. Hosted by 1Cyber.
