Client requirements

A  young professional approached us with a want to increase their mortgage balance and when we discussed their monthly budget to help them navigate the cost of living crisis we found they have a need for life insurance. The insurable interest remained but there was scope to make savings.

Challenges

Making a monthly saving when a customer’s age, mortgage and life cover benefit amount (the amount it will pay out) has increased sounds like an impossible task. However, where we take a very boutique human approach our conversation revealed a lot of positive health changes one, of which was that they had now given up smoking.

Solution

Smokers generally face higher life insurance premiums due to the increased health risks associated with smoking. The good news is that after a minimum of six months of being smoke-free - most likely to see savings after 2-5 years - insurers typically recognize this change in health. 

We researched with all of the providers that provide protection via intermediary brokers and gave the option to the customer and informed them of their ability to make a monthly saving.

As your life evolves, your coverage requirements evolves with it, all while helping you stay financially secure. Reviewing your insurance is very important to ensure it remains valid and affordable. 

If you haven’t reviewed your insurance recently, or if you’ve had any significant changes to your health or mortgage, we recommend reaching out. Contact one of the team on 0208 660 8613.

Client requirements

As a first time buyer there is so much information to digest around the entire mortgage process so having a broker who does mortgages and insurances to ensure you have financed and protected your dreams is vital.

Challenges

Where with the mortgage your income position may have a bearing on which lender we recommend. In the same vein with insurances your health records can impact what insurance provider we approach. We experience all sorts of health conditions from ectopic pregnancy to depression or in some cases both together.

Solution

We review all insurers that provide cover via brokers and do the heavy lifting of calling around the insurance companies to establish an option where the provider would request more information around the applicants health so that they get a broader picture than the snap shot the application provides. In this case a general practitioner’s report (GPR).

This resulted in their still being a small premium increase due to the medical history but an affordable amount in comparison to alternate solutions.

If you haven’t reviewed your insurance requirements or have never had cover and are of the mind you wouldn't be able to because of your medical history we recommend reaching out. Contact one of the team on 0208 660 8613.