Peace of Mind

We all need a dose of inspiration every now and again. It could be a ‘how to’ guide on making your dreams come true, or a hit of reality to remind us of what’s important in life.

So, sit back, relax, grab a cup of tea (and a biscuit) and enjoy our latest thought-provoking story.

We begin with a Lifetime customer true story…

It was a choice that many people make. A decision taken quickly. Perhaps lightly. Sadly, the consequences were not so light.

No blame could be attached to that choice. It was made in good faith, at a time when, as the saying goes, ‘everything in the garden was rosy’. The decision, made by a young mum, was not to spend money on something.

Good thinking, you might assume.

The single lady, had a very young daughter, and earned excellent money from her job. Her prospects were good, her current circumstances were very positive, her future beamed bright.

So when she was presented with the opportunity to invest in a protection policy, which would ensure her children would be financially secure if anything happened to her, she gracefully declined.

Her thought process was that she could take out protection when she got older. Right now, she concluded, she could use the money to spend on gifts for her child.

A month on from that decision the lady was driving home from work when she felt a stiffness in her chest, and as her car ploughed into a tree on the side of the road she blacked out.

When she came to, she found herself in hospital, tubes and wires everywhere. She was told that she had suffered a heart attack so severe that it was unlikely that she would be going to work anytime soon, if at all.

Her life, and that of her child, had turned upside down in an instant. It’s a sad story isn’t it? Fortunately it is only a story, a story of fiction.

This is actually what happened.

The lady in question had a dedicated financial planner, who put her financial situation and financial wellbeing first and foremost.

The young woman, with a very young daughter and another baby on the way, had thought quite a bit about what she would want to happen if she were to die young. Her wish, in those unwanted circumstances, was to extend the house and have her sister look after the children.

As a result her financial planner put in place four protection policies:

> One ensures that on her death there is money to extend her sister’s house to provide living accommodation for the kids.

> Another provides a monthly income for the children so they can continue to have the lifestyle they want, and there is no financial burden on the sister.

> A third ensures her mortgage would be paid off on her farm, so that when the kids are old enough they can inherit the property (which is her wish) rather than having to sell it, and until then the sister can rent it out to get additional income if she needed.

> The last policy protects her income against ill health, so that she can keep the farm and ensure the children continue to benefit from a good lifestyle if she were unable to work through ill health.

All of those policies has meant that the young lady can rest assured her children will still have a financially secure future, no matter what happens.

A much happier ‘ending’ to a story don’t you agree?

What if you didn’t take out that protection and something happened to you, so that you couldn’t work?

If you are unable to work due to a serious illness, you might assume that your employer will continue to give you some level of income, or that you will be able to rely on benefit payments.

In reality, however, employees are usually moved onto Statutory Sick Pay within six months. State benefits might not be enough to replace your income if you are no longer able to work.

There is no doubt that protection, such as critical illness, income protection and life insurance, can bring peace of mind. And as experts in their field, if a financial adviser believes a client needs any form of protection then action will be recommended. It is only a recommendation, not a demand.

Lifetime’s motto is, ‘If it’s not right for the client, it’s not right for us’.

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