Stephen and his wife Lisa approached us three years ago for assistance with life cover when they were buying a home.
We went through their circumstances and we recommended that they considered critical illness cover and income protection as well as life assurance.
We arranged two single ‘Life-of-Another’ policies which represented good value for money within their budget and provided twice the cover for not much more cost. It also gave the flexibility to vary the amount of cover reflecting Stephen’s higher earnings.
We spoke briefly about making savings for the future, but at that point the couple wished to get used to the overheads and costs of their new home for a while before putting any money aside.
Stephen got in contact again about 5 months ago. Since we last spoke he and Lisa had had a son, but very sadly Lisa had become ill and died, leaving Stephen solely responsible for their 2 year old boy.
The cover arranged on Lisa had paid out while she was ill and also after her death. The payments were made swiftly because of the way the policies were written.
Stephen was able to repay the mortgage, giving him the security of a home, but he was concerned about the financial implications in respect of his son if he got ill, or if something happened to him. He particularly wanted to reconsider his work position and future savings.
By changing the ownership of his life assurance, critical illness and income protection policies, we ensured his cover could continue.
Using our financial planning software we looked at Stephen’s monthly income and identified how much he needed to earn to cover all their outgoings. We also identified an amount of savings which Stephen could now make each month and arranged a regular premium NISA for him in line with his requirements.
Feeling more confident about his financial situation Stephen decided to reduce his working hours to a level that continued to be viable, and which now allows him to spend more time with his son.
Risk Warning and Regulatory Statement
Grosvenor Consultancy Limited is authorised and regulated by the Financial Conduct Authority (Reference 187799).
Tax rules, rates and allowances are all subject to change and are dependant on individual circumstances. The Financial Conduct Authority does not regulate tax advice and some forms of offshore investments. The value of investments and the income from them can fall as well as rise and you may not get back the full amount you invested.
Become a Client
The Grosvenor Consultancy experience is defined by outstanding service and a comprehensive commitment to the provision of exceptional advice. If you are considering becoming a client, we would like to make sure that our services will be suitable and beneficial for you, please contact us to find out more.