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Protection success story

This case study highlights the importance of regularly reviewing your protection needs.

Our clients' proposition

Our clients were moving home and required a larger loan, over a longer term in comparison to their current mortgage. As part of our holistic advice, the importance of protecting the sustainability of the debt was raised, prompting a review of their current protection provisions. Our clients, although aware that their existing policy was most likely to be leaving them with a shortfall, were reluctant to increase their monthly spend towards protection. With the client’s concern in mind an appointment was scheduled with our in house Protection Team to fully review their current protection needs.

Alexander Hall's solution

Following an in depth review, taking into consideration their shortfalls, priorities, existing cover and budget, we identified that their existing cover held was leaving them with a shortfall in cover for both the Life insurance and Critical illness cover. It was noted that a costly part of their current plan was their Income Protection policies, which had been arranged by a previous mortgage adviser. Income Protection is a policy that pays out a monthly income in the event a policy holder is unable to work due to ill health or injury. As part of our review we asked the clients to ascertain any employee benefits to ensure they are not taking out cover already held. Unbeknown to the clients, both were in receipt of Group Income Protection, provided by their employers at the maximum benefit allowed under the conditions of the policy. We advised the clients that due to limitations in claim their existing income protection policy would not actually pay out whilst they have this benefit from their employers and continuing with the private policy would not be advisable considering the shortfall in cover in other areas along with their restricted budget.

We then compared quotes for the clients across the market and we were able to obtain the required cover to meet their full Life & Critical illness needs. This provider also offered the client a host of additional value added benefits, such as cover for their child, access to Private GP and other health services at a monthly cost that was 40% lower than they were paying for their existing policy. Had our client persisted with their existing policies and not sought Alexander Hall’s advice they would have retained a policy that would have left them underinsured in certain areas and over insured in others, at a higher monthly cost to them. Thankfully we were able to source the right cover for our clients’ needs that saved them money and most importantly it was the right outcome for our clients.

If you would like to arrange an appointment to discuss your Protection needs, you can email me on: [email protected]. Alternatively, use the 'Contact Us' page on our website – click by clicking here.

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