A lot has been made over the past few days on the topic of life insurance.
Putting protection policies in place for people has come in for criticism in certain quarters.
Here at Lifetime we put our clients’ financial situation and financial wellbeing first and foremost. And, as financial planners, if we believe our clients need life insurance and other protection then we will recommend action.
And it is only a recommendation, not a demand.
Our motto is, ‘If it’s not right for the client, it’s not right for us’.
Life insurance can bring peace of mind.
We felt it was important to tell a true story about how one of our financial planners (Tracey Warring, pictured below) has helped a Lifetime client secure the peace of mind that her children will be all right if anything happened to her.
Tracey takes up the tale:
“I have just advised a client through Lifetime’s digital service. Looking at the lady’s cash flow financial model via the ‘Truth’ software that we use, it was clear she had protection needs.
“She is single with a very young daughter and another baby on the way. She earns very well and has thought quite a bit about what she would want to happen if she were to die young. She would want her sister to look after the children by extending her house. So after a few Zoom meetings we agreed to submit four protection plans:
- One ensures that on her death there is money to extend her sister’s house to provide living accommodation for the kids.
- Another provides a monthly income for the children so they can continue to have the lifestyle they want, and there is no financial burden on the sister.
- A third ensures her mortgage would be paid off on her farm, so that when the kids are old enough they can inherit the property (which is her wish) rather than having to sell it, and until then the sister can rent it out to get additional income if she needed.
- We have also protected her income against ill health so that she can keep the farm and ensure the children continue to benefit from a good lifestyle if she were unable to work through ill health.
“All of this has meant that the client can rest assured that if such events were to happen her children will still have a financially secure future, without burdening her sister or herself financially.”
Also, what better way of showing the importance of taking out insurance – life cover and critical illness – than by ‘leading by example’….and as a financial adviser making sure you were yourself fully protected….
Three years ago one Lifetime financial planner suffered a stroke. Our esteemed colleague recovered, but unfortunately was unable to return to work and had to retire from the job that she loved. However, being the professional that she was, and knowing the importance of making sure she and her loved ones were safeguarded, she had taken out protection, including an income protection policy that was directly associated with the job that she did. As a result she did not have the financial worry or burden that can often rear its ugly head in such circumstances.
Don’t stop ensuring you and the people you love have the help, guidance, insight and advice that is available from passionate finance professionals.