We want to showcase you, our broker heroes, and the difference you make to your clients’ lives through the protection solutions you put in place. Our next broker hero showcase is Paul Shannon, Navigate Mortgages.
Last year I arranged a mortgage for a pair of my clients moved house last year. They have two girls aged six and nine, so it was important for me to speak them about children’s cover as part of our conversations.
Instead of recommending the usual off the shelf mortgage protection, I took their max budget and I recommended life cover for the mortgage debt, a family income benefit to cover the husband’s salary (if he died) until the children are aged 21. I then recommended a level term critical illness policy for £50,000 to age 68. I split the cover with Royal London and gave the parents £50,000 each for an extra £3 per month and also upgraded it to enhanced children’s critical illness.
A month later, I saw on Facebook that their youngest daughter was diagnosed with type 1 diabetes. I called Royal London and asked their claims team about the children’s cover. Diabetes type 1 has been added as a critical illness, so I immediately called the clients.
As I had recommended split cover, both parents were able to claim 50% of their policy for their daughter, meaning they each received a £25k pay out. They were absolutely delighted! The best thing is that their eldest daughter is still covered for £50,000 and the claim didn’t affect the parents’ cover in any way.