Colin's Story

When Colin, a 46 year old small business owner suffered an unexpected injury, his income protection plan helped to ease some of his financial worries….

Living inn Mandurah WA Colin * 46 has always enjoyed activities, maintained a healthy lifestyle, and until 3 years ago he was successfully managing his own hydraulic business.

In 1996, one of Colin’s friends recommended he take out income protection. “Because I was working with heavy machinery and had my own business, Rob suggested I think about getting some income protection, just in case anything happened. After thinking about it for a month, I decided to get it.”

In 2001 Colin started feeling pain in his left wrist. Initially dismissing the pain as arthritic, Colin went to the doctors only when it became more severe. The diagnosis was a fractured left wrist, caused by gradual deterioration of the joint. Colin underwent surgery to fuse his left wrist with plates and screws, and for a bone graft. Further examination revealed a similar condition in his right wrist and as a result, he required ongoing treatment and extensive rehabilitation for both of his wrists.

Colin was unable to continue his demanding work and had to sell his business in 2003. This meant a huge financial loss. “I had to sell my business because I could no longer run it on my own and I couldn’t rely on anyone else because it is such a specialised field. Once I sold my business, I had no income”. The financial pressures of being unable to work also eventually led to the breakdown of his personal relationship.

Colin submitted an income protection claim to his insurer and within 30 days, the first payment was deposited into his account.

The monthly benefit helped Colin pay his rent, household bills and medical expenses. Without the regular income from his income protection, Colin would have had to rely on a government pension and social benefits, which wouldn’t have allowed him to maintain his previous lifestyle. “The government support would not have covered me to where I am today.”

To help Colin diversify his skillset so he could re-enter the workforce, his insurer paid for two courses for Colin so he could obtain his forklift licence.

Colin’s story would have been very different if he didn’t have income protection. “The fact is I wouldn’t be where I am today if I didn’t have the insurance policy. The stress and pressure of not having an income really affected my emotional wellbeing.”

“I’m going back to work very soon and will start making a better income again for a better way of life.”

* Details of person have been changed to protect privacy