Manfred and Joanne has been running a small restaurant business for the last 10 years. Manfred is the chef and Joanne works as the restaurant manager, they had just renew the lease for the restaurant.
Everything was looking good, they just bought their first home 3 years ago and is working hard to pay off their mortgage. They have 2 children aged 19 and 8. Manfred was diagnosed with stage 4 lung cancer and was given a really bad prognosis of 2 months to live. He was devasted and was extremely concerned about his family.
Without him his wife cannot carry on the business; they had no fall back plan, he only had a small superannuation plan. Two years ago their financial planner had insisted that they take at least a death cover to protect themselves and that was the best decision they ever made.
That cover also pays a terminal illness benefit which was paid before Manfred died. At least the mortgage is paid off and some monies was left for the family. During the time that he was ill and after his death, his family is still trying to get some assistance from Centrelink.