Life insurance for self-employed surgeon to cover £700,000 mortgage

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THE SCENARIO

Worryingly, many clients who take out mortgages or large loans do not arrange the appropriate insurance to go with this. Naturally, it’s distressing to think of any circumstance which might require life insurance—but worse still is the risk of loved ones and dependents being left with bills they cannot pay.

Fortunately, life insurance and other forms of cover is something we can help you to secure. I recently helped to arrange insurance for a client with a large mortgage. My client was a Doctor in his fifties, who was married with two dependent children.

Sadly, my client had experienced some severe health problems. Having suffered a ruptured coronary artery and undergone open heart surgery, he had previously claimed on his Critical Illness Cover (CIC) policy and thus was keenly aware of the benefits of adequate insurance protection.

I had worked with this client extensively and built a warm rapport with him, having previously arranged his residential mortgage and finance for two buy to let properties. As such, I had a thorough understanding of his personal circumstances. After discussing his requirements, we agreed level term life assurance would be the most suitable product. Level term life insurance pays out a lump sum if the policy holder dies within the policy term.

Due to his prior health issues, I knew there would be issues with securing an inexpensive policy as many companies would be uncomfortable providing cover. Those who were prepared to do so generally placed a hefty premium on the policy.

OUR SOLUTION

Fortunately, I have a close working relationship with a provider I thought would be suitable. I fully disclosed the situation to them, and helped my client to arrange a life policy for the amount of £700,000 for a term of 18 years. This would cover my client’s mortgage should anything happen in the future, giving him peace of mind that his family would be cared for in the event of his death.

As an additional bonus, this insurance provider was not only the cheapest option, they also provide benefits such as gym discounts and fee cinema tickets.

If you are taking out a large loan or mortgage, it is essential you have appropriate cover. Whether that’s buildings and contents insurance, life insurance, or critical illness cover, we can advise you on the appropriate insurance to ensure you and your family are protected through unforeseen circumstances.