Ben’s case study**
Ben and his wife are from Cambridgeshire and have two children under 7 years old and a new repayment mortgage of £260,000 over 33 years. The couple are in their late 30s, work full time and have no existing cover but wanted the mortgage cleared if either of them were to pass away. They also wanted some additional support towards the cost of raising the children or a short term cash injection if they were to be seriously ill.
Ben has 12 months’ sick pay via his employer but wasn’t clear on his wife’s employee work benefits. They needed their solution to be affordable as well as providing support at the worst possible time.
After discussing various options with their advisor, Ben and his wife agreed on joint decreasing life cover to clear their current mortgage if either died. Plus, a smaller, additional, combined life and critical illness policy to contribute towards household bills, funeral or medical expenses (dependent on their circumstances) if either of them passed away or suffered an insured critical illness.