When an employee needed support, the cover simply wasn’t enough

A mid-sized employer approached Steadfast Life after an employee was diagnosed with cancer and attempted to claim under their existing Employee Benefits plan.

Despite the seriousness of the diagnosis, the plan did not include a trauma benefit. This meant:

• The employee faced a 90-day waiting period before income protection payments could commence
• There was no immediate lump sum financial support during a critical period following diagnosis
• The employer had limited ability to provide additional support through the existing structure

At a time when early support mattered most, the limitations of the existing cover became clear. Both for the employee and the business.

Trauma cover added, without increasing the overall premium

Steadfast Life worked closely with the employer to reassess the structure of their Employee Benefits plan and identify where it was falling short.

This included:

• Reviewing the existing policy design and identifying key gaps in cover, particularly the absence of trauma benefits
• Transitioning the client to a new insurer with a more appropriate structure
• Introducing trauma cover to provide earlier financial support in the event of serious illness

Importantly, this was achieved without increasing the overall premium, ensuring improved coverage while maintaining the same overall cost to the business.

Meaningful support when it mattered most

Following the restructure, the employee’s claim progressed under the improved policy.

Tragically, the employee later passed away while on claim. However, the updated plan structure ensured:

• Access to additional lump sum benefits for the employee’s beneficiary
• Greater financial support during an already incredibly difficult time

For the employer, the experience reinforced the importance of having the right structure in place. Not just to meet obligations, but to genuinely support employees when they need it most.

Because when the unexpected happens, the right cover structure can make all the difference.

 

This case study is provided for general information purposes only and does not take into account your objectives, financial situation or needs. The outcome described is specific to the client’s individual circumstances and should not be taken as an indication of future outcomes. Policy terms, conditions and eligibility criteria apply.