Case Study: Safeguarding Your Own & Your Family’s Future

by Adam Tovey – Director | Independent Mortgage & Protection Adviser @ Prism Mortgage & Protection Advice

Life’s unpredictability can sometimes feel overwhelming, especially when big changes like buying your first home or starting a family are on the horizon. In this case study, I’ll share how I helped a young couple navigate these exciting yet challenging times, ensuring they had taken action to protect their growing family.

Customer Background:

I was delighted that an existing customer took the time to refer the young couple.  They wanted my help in buying their first home and are now expecting their first child – times of great joy, but significant financial adjustment.

Customer Objective & The Challenges:

My customers were acutely aware that a mortgage isn’t just a monthly payment – it’s a long-term commitment.  They understood the risks: default could lead to repossession.

In terms of protecting themselves and their soon to be young family, they were driven by three specific concerns:

The Solutions

Understanding their fears helped me tailor a comprehensive protection strategy using Life Insurance, Critical Illness Cover, and Income Protection, selected from the whole of the market to fit their specific needs, without breaking the bank.

1. Life Insurance & Critical Illness Cover

We secured a policy that covered both life and critical illness. This dual-purpose cover meant that in the face of death or a serious health diagnosis, the mortgage would be paid off in one clean sweep. This not only secures the couple’s home as a family sanctuary but also removes the financial strain during what would undoubtedly be emotionally challenging times.

Having access to the whole of the market, I was able to secure enhanced Critical Illness Cover – covering more conditions and that would pay out in more scenarios than would a standard policy – for a considerably lower cost than could brokers tied to one or a small number of Insurers.

The policy would also clear the mortgage balance should either of my customers become terminally ill or disabled.

2. Income Protection

Should either of the couple become unable to work due to illness or injury, the income protection policies we put in place would substitute their income. This means they’d receive a monthly payment to help cover their mortgage and other living expenses, ensuring they could maintain their lifestyle while focusing on recovery.

The Outcome:

By the end of our consultations, my customers felt a weight lifted off their shoulders. They were first-time homeowners and were also protected against the financial uncertainties that life might throw their way. This peace of mind was achieved within their budget, making it a prudent and valuable investment in their future.

Conclusion:

We’re driven by the mutual goal of building a community of informed, empowered customers. Customers who value the journey, as well as the end result. 

With decades of experience and a deep understanding of the market, we deliver tailored advice that evolves as our customers move through their lives.

If this story resonates with you, or if you’re looking to secure your own family’s future, book an appointment to talk with us.