No one ever wants to think of a loved one passing away, least of all before they reach retirement. While it is something you hope never happens to you, it is important to ensure that if the worst were to happen, your loved ones and family are looked after.
The spouse of one of our clients passed away suddenly at a relatively young age, leaving behind them and their children who were still in full time education. They had paid off all of their debts, however for the family there was not only the loss of a loved one to deal with but also the financial impact of the losing the main income stream.
A widow’s pension covered some of their ongoing costs, however our client was not in a position to return to work full time at all. There was life cover in place which paid out a large lump sum and this made such a huge difference. It allowed them to delay their return to work, including a career change, gave them money to take their children away on a well-deserved break to build new positive memories, and gave them another very important benefit – financial breathing space.
The family had enough things to worry about – because of the life cover they put in place years before, money wasn’t one of them.