Insurance Policies Review and Replace for Couple

THE SCENARIO

With many insurance and wealth management cases, you can often be benefitting in areas that you may not initially have considered. As such, I recently helped a couple in their forties who were looking to increase their borrowing to purchase a new buy to let property. The main problem with managing these clients’ finances, were the amount of insurance policies they already had. This was mainly due to the husband who had accumulated various policies over the years from being self-employed and running his own businesses. The wife already had Death in Service with an existing employer, however this is not always a secure form of life cover.

That’s where I came in. These clients already owned two different properties and were looking to remortgage to release funds from their existing property, which would then be put towards a deposit to purchase a new buy to let.

The first and most important step for dealing with this case (as with all wealth management cases) was to make a comprehensive insurance policies review of their existing plans – which was all conducted free of charge. Once completed, I discovered that his current mortgage was on a 25 year term, yet all of the existing insurance policies only had 8 to 10 year terms.

As with numerous policies such as these, terms tend to be what scupper clients the most. However, once I was aware that these policies were all too short, I was able to provide the best advice for replacing them with the most appropriate cover.

OUR SOLUTION

My clients were thrilled with the result on completion, successfully proving that even with necessary cover, there are always ways to manage your policies more effectively and reap the benefits of improved and more secure cover.

It is important to note that we never recommend you cancel your existing cover until an Enness wealth manager has fully reviewed your existing terms and confirmed  new cover is in place. If you have any questions regarding your own insurance cover or existing terms, feel free to contact a wealth manager at Enness. We are always happy to help in every way we can.