The following is based on experiences from our clients.
Howard sadly passed away following a sudden illness at the age of 47. He had a family of three with a wife and two boys and was in good health at the time the terminal diagnosis was confirmed.
Thankfully, Howard had done some financial and contingency planning a few years prior and already had a life cover policy. After his unfortunate death, a lump sum was paid out to his wife, Rachel, enabling her to pay off their mortgage, and work reduced hours to part-time, ensuring she had more time to look after their two boys, Thomas and Elliot.
The payment from their life cover gave Rachel the financial stability to support Thomas and Elliot for the foreseeable future without sacrificing any family time. The life cover pay-out also served as a reassurance during the period of grieving and helped Rachel, Elliot and Thomas to focus on celebrating Howards’ life instead of worrying about their futures.