One of my clients, an accountant called Vicky, first came to me for financial advice in 2016.
In addition to being the main earner in her household and responsible for paying the majority of the family’s bills, Vicky had two young daughters aged six and three.
Given her circumstances, I recommended she invest in an income protection policy, should something change and she be unable to work.
Last September, at the age of 38, Vicky suddenly suffered a stroke while training in the gym.
During her recovery and rehabilitation, she was off work for five months. Her income protection policy became a lifeline.
Vicky received a regular income which her family relied on to cover treatment bills, mortgage repayments and everyday living costs.
Alongside the income protection policy, we also provided Vicky with a dedicated claims team and access to RedArc – a support service that offers our clients counselling, rehabilitation and guidance whilst they’re going through an illness, disability, trauma or bereavement.
Facilities such as these can be invaluable for customers who feel vulnerable following a tragedy, and who require extra support.
Let the client lead
Scenarios like Vicky’s are a stark reminder of why completing a well-rounded review of a client’s circumstances is so important – and I cannot stress the words well-rounded enough.
In Vicky’s case, it was not only vital that I took her two young children into account when discussing income protection, but also the fact that she was self-employed.
It was vitally important that any plan accurately reflected Vicky’s needs.
The simplest strategy proved to be the most effective when it came to reviewing her circumstances.
Asking the right questions and letting Vicky have the floor during our conversations meant I was able to gauge what was important to her, and how to reflect this in the services we offered.
Vicky’s story once again proves that anything can happen to anyone at any age, and sometimes under the most unexpected circumstances.
I hope that her story highlights that no part of financial planning should be overlooked.
For each and every client, income protection should be seen as a priority, no matter what their circumstances may be, in order to make sure they have a safety net should they need it down the line.