At Continuum, our mission is to provide A Lifetime of Financial Planning. It’s a way of looking not just at your immediate needs, but at providing solutions for the changing circumstances that life can present.
This can include preparing for the unexpected, as this case study shows.
Craig Parkinson is a Continuum Mortgage and Protection Consultant based in London. Craig takes up the story of how we provided some financial services that proved vital for one young family:
“I originally met our clients, a young couple around seven years ago. At that time, their priority was to buy their first property, and I helped them arrange a mortgage.
We talked about protection, and their plans for the future. Money was tight, but they felt they could not afford to be without basic protection. I helped them set up life assurance which would cover the mortgage. They asked for £50,000 critical illness cover to be added to the policy.
The policy would replace their income for a year if a specified medical problem came along. It meant they would not have to rush back to work and could concentrate on getting better.
At Continuum, we believe critical illness cover is an important protection that more people should have.
Over the course of the years I helped the couple remortgage twice and to move and increase their borrowing. They are married, and with children a possibility, I helped them increase both the life assurance to cover the new mortgage, and increase the separate critical illness cover to £100,000.
Increasing the cover made sense for their new circumstances. If either contracted a critical illness in the early years they could use the funds to clear some of the mortgage while the other partner could afford the remainder on their sole income.
If a critical illness was contracted in the later years of the mortgage then they could clear the whole borrowing.
Alternatively, they could use the money to replace lost income if they were to take time off work and recover or pay for better medical care.
As they had set up the original policy while they were in their 20s, costs were low – letting them enjoy peace of mind at a very moderate cost.
It was protection they would be very glad they had chosen.
The clients phoned me in November of 2017 to advise that the husband had sadly been diagnosed with bowel cancer at the age of 31 – and that they were also expecting their first child in Jan 2018.
I contacted the critical illness provider immediately. They set things in motion, writing to the clients’ doctor to obtain the appropriate records. The client had just one phone call with the provider, and two letters. I dealt with everything else, letting them concentrate on the important job of getting the husband better.
Four weeks after the claim was registered the clients phoned me to advise that they had £100,000 paid into their account and were over the moon.
I’m happy to say now we are talking about their plans for the future.”
Your life will change, and your financial needs will change with it. At Continuum, our Independent Financial Advisers help build a long-term relationship to ensure your financial arrangements are right for your changing needs. You can see more in our downloadable brochure.
Your home may be at risk if you do not keep up repayments on a mortgage or other loan secured on it.