What was the situation?
A recent client; a Barrister (so self-employed), married and with two children, was referred to me from one of our advisers due to their situation and suitability for a protection insurance policy.
The couple confirmed that their income was completely reliant on the self-employed Barrister. In addition, the couple’s children attended a fee-paying school and subsequently, the client had a high level of outgoings and commitments.
What was the issue?
We talked over the risk of the new mortgage if they were unable to pay. This could be due to sickness, disability, long term illness or death. Highlighting these risks, the clients agreed it was important for them to put a policy in place.
What was the process?
Following further discussion, I needed to explore which provider would offer the most suitable, all-encompassing policy for my client’s need.
It was decided that the couple would both have individual life and critical illness plans to ensure that if either of them were diagnosed with a serious illness, the family would have a financial safety net. Using my extensive network, I was able to identify a few options that would work for my clients.
What was the solution?
After assessing what protection the client needed to cover the whole family, I was able to secure income protection for the self-employed Barrister, critical illness cover in case of serious illness, life cover and family income benefit cover to cover school fees should the worst happen.
Ensuring that income continued to come in to cover the family was extremely important to the client because they felt that if either adults were to die, they wanted to ensure that the remaining partner could cover family costs and school fees until the children reached 21. This was also written into a trust, which makes sure that if they were both to die, the children would benefit from the life cover as beneficiaries.
Lending solutions with LDN Finance
Are you looking for a protection policy to cover you and your family should the unthinkable occur? At LDN Finance, our extensive panel of insurers mean that we can comprehensively assess your requirements, and find an insurer who will bespoke a policy to cover your needs.
Contact us to speak to our of our protection advisers today.