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Life doesn’t always go to plan so you need to ensure that you have some protection in place to support you when you need it most.
Running a business isn’t easy and your time needs to be spent ensuring your customers are happy. But what happens if you can’t be there?
Getting covered is not always a straightforward process if you have a pre-existing medical condition, or your occupation or hobby is deemed more hazardous than others.
Sue is recently divorced and has had to sell the family home. She is living in rented accommodation with her 12 year old daughter. As she is now the only wage earner she is very concerned that if anything should happen to her then they will have a big problem.
She was advised to replace her existing decreasing term life and critical illness plan with more appropriate cover which will provide a safety net until she’s 68 and starts receiving the state pension. We used the AIG low start option here as we were aware that Sue is now working under a tight budget and this gives a big discount to the initial cost. We also advised her about an income protection plan of £1k month, again to age 68, to cover her immediate family needs should she be off work sick for longer than 8 weeks.
We also introduced Sue to a solicitor as, during our talks, we realised her expression of wish for previous pension plans still specified her ex husband. She’s now in the process of amending her will.
*Names changed for privacy