£130k pay-out complete surprise for family
Imagine being told you’re entitled to £130k you didn’t know about.
That’s exactly what happened to one family who needed the money more than ever.
Alex Bayliss, from Mortgage Advice Bureau South West, was helping a new client looking to rent out their current home and buy a new place to live. When they’d set up their original mortgage, they’d also taken out two single life with critical illness policies.
We didn’t think we could claim
While discussing options, Alex discovered that 2 years previously, his client had been diagnosed with breast cancer. The client recovered, but had to take 9 months off work. But because the family were able to pay the mortgage, they didn’t think they could claim because they didn’t have any financial issues.
Alex told his client they should speak to their insurer right away. Six weeks later his client received a pay out of £130k! This figure was the value of their decreasing term policy backdated to the client’s diagnosis date - plus interest.
The pay-out totally changed his client’s financial position. Not only were they able to purchase their new home and keep their existing policy, they also reduced their mortgage by £100k. Plus, they had £30k left in the bank to enjoy spending with the family.
All this was due to Alex’s intuition and quick-thinking. Now that’s a great financial hero story.