Insurance Policies - Financial Planning and Risk Management

Running head: INSURANCE POLICIES
Insurance Policies
Name of the Student:
Name of the University:
Author’s Note

1
INSURANCE POLICIES
Section 1
Me: Hello Mr. and Mrs. Smyth. I am pleased that you could make this meeting possible
considering your busy schedule. Its been a week time since we had a talk.
John: Yes, It’s been a week, had to discuss important matters so that meeting was important.
Me: I am under the impression that you have various questions regarding the financial planning
which you are considering.
John: Yes, we are having certain queries and also certain issues regarding the plan which is
suggested by you and we are here to discuss the same.
Me: Ok we would move into the topic of discussion shortly, but firstly tell me have you gone
through the documents regarding the insurance policies? In addition to this, have you considered
the market conditions in insurance market?
John: Yes, we have gone through the documents and completely understand the risks and
uncertainties which are present in the market.
Me: Ok, then we should proceed to the matter of concerns for which this meeting has been
scheduled and please free to put forward all your concerns and I would try mu level best to
satisfy all your concerns. By the end of this conversation, I can assure you that by the end of this
meeting that I will be able to satisfy your every concern. We will also discuss about the future
income of your wife and her plans to proceed further in life. Shall we proceed with the matters
which you wanted to discuss?

2
INSURANCE POLICIES
Section 2
You: The first issue that you have highlighted is related to cost related to the trauma policies and
you are feeling that the amount which is charged for the policy is high. Another query which is
regarding the payment for mortgage at the time of short-term traumatic illness or accident. The
cost of trauma would be high in response to your question as it can pay out assets for both you
and your wife. You need to pay off the mortgage at the time of short-term traumatic illness or
accidents as if the mortgages are not paid the amount will rise and penalties will be applicable as
well. The value and price which is needed to be paid for the mortgage and insurance cover can
rise in future as well.
John: I feel that the information which is provided by you is accurate, however we need to
confirm the information and further satisfy myself. I have also had serious concerns regarding
the future life of my child and whether I would be able to meet all the requirements for my child
and provide him with appropriate lifestyle.
John: I have recently come across information that there are super funds which can cover our
trauma insurance and secure us
You: Yes in earlier times there were super funds which provided trauma insurance and the
benefits was appropriate from such funds. In earlier times, payment of premiums with super
funds which did not arises from disposable income and it also did not have any impact on the
income tax that is earned. But changes were made in law in 2014 and trauma insurance was no
more covered by super funds. Therefore, such an option in present time is not available.