John and Katherine were recommended to seek some mortgage advice with us by an existing buy to let mortgage customer. As first time buyers, it was thought a very sensible decision.
The couple came to our offices, in Bexleyheath, to talk about their dreams for a first home and how a mortgage could help realise their dream. They brought their 2 year old, Ben, with them to the meeting.
As usual, we carried out a discovery discussion and completed a ‘fact find’ with them, so that Enhanced Wealth Ltd was able to recommend the most suitable product available for the couple. Once the mortgage recommendation had been made, we moved on to the discussion of keeping the roof over their head, the protection side of the planning.
We knew their budget, so the discussion centred on what “they” felt it was important to cover in terms of insurance. It was agreed that we should look at protecting their mortgage of £175,000 by means of a Life and Critical Illness Policy, designed to repay the loan in the event of death, or earlier diagnosis of a specified Critical Illness. Whilst discussing the cover provided by the Critical illness Policy, we talked about Children’s Cover, which is designed to pay out in the event that a dependent child is diagnosed with a Critical Illness. Although the couple found the discussion difficult, they viewed this protection as an important benefit.
We duly arranged the policy, in line with our customer’s requirements, which included £25,000 Critical Illness cover for Ben.
The couple moved into their house and their protection policy was put on risk.
About two years later, we had a phone call from a very distressed Katherine telling us that, after they had made several trips to and from hospital and taken nearly 4 full weeks off work, Ben had been diagnosed with Acute Lymphoblastic Leukaemia. We immediately made a call to their insurance provider and received a claim form back by email. This was completed and emailed back to the insurer. The claim was settled within the week and the couple received the full £25,000 by Bank transfer.
A month later, we received a letter from Katherine saying that the £25,000 had made a huge difference to the couple’s finances during a period of high expense, including Hotel stays and travelling to and from Hospitals and specialists.
About six months later, we received some good news; Ben was making a strong recovery and the future was positive.