One of the most effective things that we do when we first meet with a client is to take them through a quick financial journey – This journey is designed to highlight what would happen, financially, if a major life event were to happen. As morose as it may sound, it is an important journey to take. What would happen to your family’s finances and ability to pay for anything if you were to suffer from a serious illness or injury or even die? If you died, they wouldn’t have any more mortgage repayments as your mortgage protection policy on your home-loan will clear off the outstanding balance. But how would they continue to pay for everything else – school fees, shopping, household bills etc? Is the income of the surviving partner sufficient to meet all bills? What if they aren’t employed?
What if you suffered from an illness that kept you out of work for a number of months or even years? How long will your savings last paying all of the regular bills in addition to the new medical bills? Your mortgage repayments still need to be paid. In as much as a bank may be sympathetic to your situation, they will still want money from you every month. A mortgage protection policy does NOT cover mortgage repayments if you become ill.
Our journey involves asking you these questions, seeing what cover you currently have, if any, and matching that against one of these major life events. In far too many cases, the people we meet believe that they already have adequate cover in place to ensure there will continue to be a regular stream of money available to them, when the reality is that they don’t. Your employers will most likely not pay you for very long if you are unable to work. We check your existing cover for suitability and to see if we can get a better price and quality of cover elsewhere. We also highlight any areas where we feel you may not have enough cover or have too much cover. We then make our recommendations to you , which you can either accept or reject. If you accept them or would like to tweak them slightly, we then move on to the next step of organising the cover for you, guiding you through the forms and any questions.
The ultimate result being that having highlighted some problems that you may not have thought of, we organise protection cover for you to make sure your family would be covered if you were to die or suffer from a serious illness during your working life, which would have an impact on the financial health of those you leave behind. It doesn’t need to take a lot of time (we do pretty much most of the work) or cost very much (we work to your budget).
Make it your Autumn resolution to put aside one hour to get this potential problem resolved once and for all – Contact a Family Cover Adviser today on 01 668 6136 or complete our form here.