Case Study: Barry Maylan, 36 years old, Hampshire
Barry is married and has three young children – two daughters, 12 and 8, and a son, 6. He works full time and has a £300,000 mortgage on his house near Liphook in Hampshire. Barry already had life insurance, bought from the same bank who gave him the mortgage. That meant the bank would get paid if he died, and his wife wouldn’t be burdened with the debt.
But Barry’s problem was that he never got enough cover to make sure his wife and children were looked after in the years after he died, because the life insurance he bought from the bank was expensive. In the back of his mind Barry knew his family would struggle for money if something happened, even with the mortgage paid off. But he thought extra cover would cost too much, so tried not to think about it.
When Barry began discussing his mortgage with a friend one evening, the conversation soon moved onto life insurance. Barry felt bad that those he loved didn’t have the same security as his friend’s family, so he decided to speak to an adviser and get some quotes.
That’s when he found Specialists 4 Protection
Until he spoke to a specialist adviser who only dealt with protection products, Barry hadn’t realised that banks are usually tied to a single insurer – so they don’t search the market for the best deal or the lowest premium. And like most people, Barry had drastically over-estimated the cost of life insurance, so was surprised to discover that premiums were much lower than he thought.
By speaking to an expert in protection, Barry understood how much cover was needed to secure the family finances in the long-term. This wasn’t as simple as just plucking a figure out of the air and hoping for the best! His adviser discussed Barry’s income and how much his family spent each month, and suggested enough cover to keep the family secure until the children had grown up and were standing on their own feet financially.
Barry went ahead with the policy, but didn’t have to worry about any messy paperwork because we did it all for him – all he had to do was sign a few forms to get the policy set up.
And as an added bonus, the policy was placed in Trust for free, so the proceeds would paid quickly and wouldn’t be subject to inheritance tax.
Now Barry is much happier knowing that those he loves will be properly looked after if something terrible happens. Not only was the extra cover cheaper than he expected, but after discussing the options with his adviser, he chose an insurer who rewarded him for making an effort to keep fit and healthy.
This means Barry now gets cash back every year from his insurer, and saves money on all sorts of family treats.
Barry would never have discovered this policy if he hadn’t talked to a specialist adviser, and he never would have understood how much cover his family actually needed. Because the adviser was independent, Barry knew that he’d been given the best options from all the major UK insurers and was happy that he’d got a really good deal.
When we asked Barry if he’d recommend us to others, this is what he said:
“Yeah, definitely. The team have been brilliant and it was really easy to get sorted. Really pleased I got the rewards as well, we go to the cinema at least once a month now because it’s free! I’ve already put a couple of friends in touch and will definitely tell others about you. Really appreciate your help.”