Protection
We believe one of the main cornerstones of Financial Planning is Family Protection.
In other words, in the event of Death or Serious Illness will there be sufficient cash to look after your loved ones!
The following is a true story about one of our clients.After undertaking a financial review for Mike and Susan (not their real names), we put in place a Mortgage Protection Insurance plan with Critical Illness Cover to protect their borrowings. In addition, we put in place some additional Life Assurance and included Terminal Illness benefit.
Shortly afterwards, Susan developed a brain tumour and consequently their Mortgage Protection Insurance paid out under the Critical Illness clause, thereby clearing their mortgage. Their doctor confirmed that Susan had less than twelve months to live, so the Terminal Illness benefit also triggered the payment of a lump sum. This injection of cash, coupled with their reduced outgoings, enabled Mike to devote his time to Susan during the last months of her life and then chose to give up work to look after their two little children.
Although we could not stop Susan’s tragic and untimely death, we were able to ensure that Mike and Susan had enough money to make choices for themselves.
To find out more about protecting your family in the event of untimely death or critical illness, please contact us.
Arthur Beverly Financial Management LLP is authorised and regulated by the Financial Services Authority.