Our clients, in their mid-thirties, had recently taken on a mortgage and sensibly wanted to take out life cover to ensure. They would receive a lump sum to pay off the mortgage if either of them were to die during the policy term. They also wanted critical illness cover to pay out a lump sum to cover the mortgage should either of them be diagnosed with a serious illness or permanent disability. However, while they wanted critical illness cover insurance for the full mortgage amount. This was too expensive despite us sourcing numerous insurers to find a suitable solution. We therefore revised the sum assured to ensure it fitted the client’s budget.

Numerous insurers were sourced but as both clients are active we thought. They would suit a policy which encourages keeping healthy, and reduces the premiums accordingly.

Key requirements: –

An insurer offering competitive life cover. An insurer offering critical illness within the clients’ budget. Insurer providing a discount to active policyholders.

After sourcing our panel of insurers, we identified a provider who could offer a life cover and critical illness package that was within the clients’ budget. What’s more, the critical illness element covers over 153 illnesses while other insurers typically only cover 70 illnesses.

As a bonus, later life cover was included at no extra cost, paying out a lump sum should either of the clients be diagnosed with Dementia, Alzheimer’s, Parkinson’s, stroke or frailty. Once the policy ends, an option is provided for later life cover to remain in force at the same premium. This is much more cost-effective than a later life policy with the insurer providing 50 per cent of the critical illness. The sum assured of later life cover up to a maximum of £100,000.

The insurer also offers discounts and rewards connected with keeping healthy, such as discounts on running shoes, fitness trackers or gym memberships.

The application process: To support the insurance application. We helped the clients fill out forms giving a range of information about themselves. Including their age, smoker status, and details of their current health. We were delighted to inform our clients that the insurer had offered them. Cover for the full amount requested at a competitive rate.

Total life cover: £421,749 Critical illness cover: £100,000 per client Dementia and frail care cover: £50,000 per client Cover term: 34 years Total monthly premium: £129.01