Do you have the protection in place?

Our clients, a couple, were looking for a property when the husband received a £8,000 pay rise which meant they could gain a larger mortgage and possibly a larger family home. They have now moved into their dream property and will be expecting their second child soon.

The couple had life assurance in place for their existing property but the policy they had meant that they wouldn’t be fully covered if one of them were to die, due to the term and cover amount being less than their new mortgage.

Neither of them had critical illness or income protection in place to run alongside their term assurance and since completing on their property, they were now expecting their second child.

The salary split between the two individuals was 65/35 in favour to the husband and the wife was possibly thinking of having a career break once her maternity leave had finished.

So, if the husband wasn’t able to work how would the family survive?

At Resolve Financial Solutions, we looked at making sure they had the right cover in place for their new mortgage, if one of them was to pass away. We looked at their monthly expenditure and wanted to make sure that this could be covered if the husband wasn’t able to work for a period of time, longer than 3 months, up until his youngest reached the age of 21, because at this stage they should be financially independent.

Our solution was to find cover that allowed the wife to have a career break after the birth of their second child even if the husband couldn’t work due to an accident or illness. This cover would ensure their monthly expenditure (including food, bills and a little extra for a holiday and clothes etc) would be covered every month until he was able to go back to work doing the job he was employed to do.

Resolve Financial Solutions explore all of your options with you in order to find the perfect solution to suit your needs. Get in touch today to discuss your requirements.

* Please note: Critical Illness plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse. Payments will generally not be accepted for claims arising from excluded conditions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

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