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Mr Smith*, a restaurant owner in Western Australia, took out a Westpac Income Protection Plus policy in August 1999, which meant that if he became disabled because of sickness or injury and was unable to work, Westpac could cover 75% of his regular income.
Mr Smith suffered a heart attack in December 2000, aged 40.
Although Mr Smith returned to work four months later after a full recovery, his Income Protection Plus policy paid the monthly benefit for a full six months, under the guaranteed crisis benefit clause.
In total, he received $26,592 from his policy, which equated to an insured monthly benefit of $4,432 over the six-month period.
A Westpac Financial Planner can help you tailor an income protection plan to give you and your family peace of mind.
* The name of this person has been changed to protect their identity.
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