Helping protect a single first time buyer
Scenario
West End Protect were approached by a first time buyer who had recently bought their first home. They had initially wanted to hold off committing to any financial protection products as they wanted to see what their new expenditure would look like and understand what they could afford.
They understood they were under protected as their work place benefits were very limited, so understood the need for protection cover.
Our protection specialist carried out a detailed assessment and established the only cover that hey had in place was 3 months sick pay from their employer and limited savings given that they had just bought their first home.
Recommendation
Our protection specialist recommended an income protection policy, as this provides a regular monthly benefit if you’re unable to work due to illness or injury. It helps to cover essential living costs—like your mortgage, bills, and groceries—so you can focus on recovery without worrying about your finances.
West End Protect put in place a new income protection plan to protect our client all the way up to their proposed retirement age of 67. The policy would start to pay out after 3 months when their sick pay ends, paying out 60% of their current salary tax free, with the monthly amount increasing with RPI so that their cover increases inline with the cost of living each year.
Mortgage critical illness cover, on the other hand, pays out a lump sum if you’re diagnosed with a specified serious illness. This can be used to pay off or reduce your mortgage, giving you peace of mind and financial breathing space during what would be a difficult time.
We put in place a decreasing mortgage life and critical illness policy which covers the full mortgage amount and will help our client to pay off their mortgage in the event that they suffer from one of the critical illnesses named on the policy.
Outcome
Buying your first home is an exciting milestone—but it also comes with new financial responsibilities. As a first-time buyer, protecting your income and your mortgage should be a key part of your financial planning.
Together, these policies offer our client a strong safety net. They ensure that their home, and financial future are protected, even if life takes an unexpected turn.
The end result was that our client has complete peace of mind knowing that they are well protected should their health take a turn for the worse in the future.
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