Maturing families.

As you move through each life stage your personal insurance needs may change. As a mature family you may still have an outstanding mortgage, be concentrating on leaving a nest-egg for your children, or even thinking about your funeral costs and how your family will pay for them when the time comes. 

So consider what would happen if you didn’t have any insurance and couldn’t leave that nest-egg as you’d always planned to. Also, could your family afford to cover any outstanding debts or your funeral as an unexpected expense?

These things could have a devastating impact on your family’s financial security and lifestyle choices

Harry and Adriana’s story

Harry and Adriana had been married for almost 25 years. Harry had owned his own business but was already planning his retirement once the mortgage was paid off, and Adriana had spent a happy 20 years raising their sons, William and James.

Harry and Adriana had always encouraged the boys to follow their dreams. William was doing really well as an apprentice in his father’s business, while James was at the local college and aspired to start university that autumn. 

Life was going just as they had planned; they had healthy kids and a lovely family home when the unthinkable happened…. Harry and Adriana were both killed in a tragic car accident returning from a day out. Suddenly the families’ world changed in a moment.

The family’s future without protection:

• The boys had to sell the family home and move away from the area they’d lived in for 15 years. On William's apprentice's salary and with James only working part time as a student, they needed to downsize. 
• William was unable to continue with his father’s business from their new home in another town. 
• James was unable to afford the university fees putting his whole future in jeopardy.

The family’s future with protection – Mortgage term assurance and Over 50s Insured Funeral Plans:

• With the lump sum from the mortgage term assurance policy, the boys were able to pay off the mortgage and remain in the family home. William was able to continue with his father’s business and there was also a little left over towards James' university fees. As the mortgage term assurance policy was placed in trust there was no inheritance tax liability.
• Their parents funeral costs were covered by their Over 50s Insured Funeral Plans.

This is not advice, you should consider your individual circumstances when deciding what level of protection you need, if you are unsure you should seek advice from your financial adviser. All characters in this story are fictitious; any resemblance to people living or dead is purely coincidental.