A new client who had been referred to our firm, invited us to review their various protection plans which had been set up by several providers over the years. They were unclear what each of their plans were for and unsure they were still appropriate for their current circumstances.
We contacted each provider to obtain information on the benefits and options of each plan. After understanding the client’s outstanding mortgage arrangements and family protection needs we structured a solution for them.
We recommended two plans were retained, three were stopped as they were no longer appropriate and two new plans were taken out. We advised that they had income protection in the event of ill health, mortgage protection in the event of death and family protection in the event of death.
We undertook an independent review of the whole of market, recommending new plans after taking into consideration the premium, comprehensiveness of cover and claims history of the provider. We recommended the plans were set up in trust where appropriate to ensure the life cover proceeds were paid quickly and outside of their estate for inheritance tax purposes.