I met a couple in their 30s who had recently moved back to the UK after spending two years taking their young family on a world tour, doing charity work. What an experience for them all!
As with most young families they had some life cover and critical illness cover, but this had not been reviewed for a number of years. Dad works for a company in Bath and Mum had recently set up her own business as a sole trader.
Their priority was, and still is, to protect themselves against the financial consequences of either of them dying or becoming unable to work. The last thing they need if they are unlucky is to be faced with dire financial pressure.
We looked at what they currently have to protect them, both from their existing insurance policies and from work. Dad’s employer offered very little and Mum’s business could not continue without her. They had a substantial lump sum of life cover, but nothing to protect them if either of them became ill and couldn’t work.
We put together a package to pay off the mortgage if either of them died, to provide income if Dad or Mum died, and income if Dad couldn’t work. After Mum has been trading for a year we will arrange to put cover in place that will provide income if Mum cannot work.
They now have peace of mind that their family is protected if they are unlucky.