Julie & Martin are 2 public servants, aged in their early forties, with 2 young children. Like so many of our clients with young families, one of Julie & Martin’s top priorities when we first met them was to ensure they had sufficient protection for each other and for their children in the event of either of them dying or being diagnosed with a serious illness. This was particularly the case given that, like many consumers, they had originally only taken out basic mortgage protection when they first bought their home as they had no children at that time.
As independent financial planners, when we sat down with Julie & Martin, we helped them to identify the level of cover required: (a) to allow their dependents to maintain their standard of living in the event of an illness or death, and (b) to give Julie and Martin the peace of mind in knowing that they had made adequate provision for their family and for one another. We then compared this ideal requirement for cover to their existing mortgage protection plan and to their existing employment related benefits, in order to identify exactly what type of adjustments were required. Finally, we then researched the market to identify which providers were best placed to fill this need for Julie and Martin, and with their agreement we arranged for the implementation of the necessary changes.
Result: Julie and Martin are now safe in the knowledge that their family are suitably provided for in the event of their premature death or diagnosis with a serious illness, while at the same time knowing that they are paying the most competitive premium available for this area of their finances. Furthermore, as Protection is one of the 10 elements of their money which we manage for Julie and Martin, they can also rest easy knowing that this area of their finances is constantly being reviewed on their behalf by suitably qualified professionals in the event of any changes in their world or in the area of financial planning.