After finishing her education, Simi was fortunate enough to land a job, where she was able to work hard and save enough, to consider buying her own home. Simi wasn’t sure how to go about this.
She met with one of our Advisers who explained the process to her.
Our Adviser also spoke to her about the various protection plans available to her. Simi had seen advertisements and promotions about financial protection but never given it any further thought. She wanted to know what was available and suited to her current budget and needs, especially as her mother and siblings were dependent on her financially.
If her parents had planned ahead and taken out some financial protection it would have made her family’s life a lot easier.
Simi’s parents moved to the UK before she was born, her father ran his own business and they purchased their own home. Her mother was a full-time mum looking after Simi and her two sisters.
Unfortunately, when Simi was 15, her 39-year-old father was tragically killed in a road traffic accident and family life for them was never the same again.
Her mother spiralled into depression and shortly after suffered a heart attack. The family business had to be sold as they could no longer afford the mortgage, and they had to move. The savings her father had were not enough to keep the family of four going for long.
When her father was alive, her parents never took out any mortgage protection for their home. This money would have helped prevent the family from losing their home. Suppose her parents had considered a Critical Illness policy. In that case, her mother may have been paid out for the heart attack, and the financial support would have given herself and her family comfort and security.
Simi decided she would not follow her parent’s footsteps. She went through the different protection options available. Simi understood that as a single person, her most important asset was her income and her health. Once she had a mortgage in place, she would have this protected and she also wanted to leave some money for her family on her death.
She noted that she should also review her policies regularly, with circumstances that change in life, this was incredibly important.
Whenever she had seen adverts on billboards or leaflets from various insurers, she never thought it would be affordable for her. Having sat down and discussed the facts in-depth, she left the meeting positive and knew what she wanted to do, she just had to follow the steps that were right for her circumstances.
Please note, that the case study is based on a real-life scenario, but names have been changed due to client confidentiality.
Published Feb 2021.
It is important to take professional advice before making any decision relating to your personal finances. Information within this case study is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for information purposes only.
With over 20 years of experience in financial services, Harish is a successful lending and insurance specialist. He commands a solid team of insurance advisors in mortgage lending, commercial lending, health insurance, life insurance etc catering to individuals, families, and business owners with several assets
Date: Feb 17 2021
