Transcript of the Role Play - Doc
Added on 2021-05-31
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Transcript of the role playFinancial AdvisorElspethExpected TimeHi Elspeth, Good to see youagain; how is the netballtraining going?’I am fine, thank you for asking,how are you?2 minutesI am fine. ‘How did you findthe time for training?’Well, I had to manage time forthe training ‘You’re looking better nowthat your cold has gone. IsHarry over it too?’Yes, he is fine as well.‘I want to be sure you get whatyou want from this meeting.Am I right in saying that youare concerned about Cost oftrauma policies’Yes, I am very concerned aboutour lifestyle. “The cost of thetrauma policies seems veryhigh”So could you please help meout regarding your recentfinancial objectives?Yes, I and John have identifiedfew concerns. Firstly, Do wereally need to pay off themortgage if we experience ashort-term traumatic illness oraccident?Don’t worry, nothing of thatsort will happen to you. Yes,paying of the mortgage isimportant. If either of us died or suffered aprolonged illness. We wouldlike to make sure that ifanything were to happen to us,Harry would be well taken careof’.2mins‘I can understand why you feelthat way.’ ‘Sothe real problemis the cost of the policy? ‘Youare worried about the impact onyour cash flow?’Yes, I am worried about thecash flow management. Thecost of trauma is really on ahigher side. That’s a good point. However,there are several advantages touse the product. Like, it willprovide for unexpected medicalexpenses ($50,000) and tomake modifications to thehome or car ($50,000Still, the cost is on the higherside and our current conditionwould not suit it.
It will suit you as it will coverunexpected medical expensesand I feel this can also providesupport for your son Harry.Ok, I believe, I understood thereason behind the policy. Still,there are few doubts and I willrequire some clarity over it.2minsI have understood that you notyet concerned withsuperannuation and retirementplanning, believing that it isstill a long way off and thatthey will have time to addressthis part of their financial planin the future. Due to thisreason, I have referred thispolicy to you and your family. “Yes, this is the reason why Iwould like to know whetherthere are any super funds thatoffer trauma insurance.Yes, I would like to add thatsuper funds are mainly of threetypes, life insurance, TPD andIncome protection and all threeare given to you in order tomeet your aims and objectives. Ok, I understood, but, Why didyou recommend a personalincome protection policy forJohn when his super fundoffers that cover?I understand your concern, butI have seen that John’ssuperannuation fund canprovide income protectioncover with a 30 to 90-daywaiting period, and a two-yearto age 65 benefit period. He hasnot taken out this cover and therate of premium can alsoincrease at an increasing rate,therefore, a personal incomeprotection policy and you andyour husband are not planningfor retirement. This policy willkeep your present as well asyour future secured. So, is there any way to reducethe cost of the incomeprotection policies whilstretaining the same benefit?2minsYes, there is. You can extendyour waiting period and youcan also reduce premiums up to40 percent. I believe that ashort waiting period isdesirable, however, since youwant to decrease the cost andpremium of income protection,then, I will recommend thatyou opt for a higher waitingOk, please extend my waitingperiod to 45 days or maybe 60days, so that the cost of thepolicy is somewhat reduced.
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