First of all ignore the red herring of Dan's savings. He and Helen will need those for the proverbia...
First of all ignore the red herring of Dan's savings. He and Helen will need those for the proverbial rainy day. It is not difficult to figure out Dan and Helen need a mortgage protection CI policy and I would also add death cover. One thing I have learnt is that a death-in-service policy is only good for as long as you are in service. I can think of nothing worse than being made redundant, losing both health and death cover, and then dropping dead. Dan is keen on buy-back and this cuts down the number of companies who offer the facility ' as does adding children's cover.
They could have level term, if they like the idea of having a bit extra as the mortgage reduces, a conventional decreasing term, or a family income benefit policy. However, I am not in favour of having a client with a stroke having to keep paying a mortgage. Give me the old-fashioned 'lump sum and kiss your mortgage goodbye' policy. I always select the range of products first, the product providers second and then I look at the premiums. A client will not thank you for saving them £5 a month if they don't have the all-embracing cover they thought they would get.
There are currently four decreasing term policies and 16 level term policies that would do the job ' until adding the ability to buy back cover. This drops the selection to six and then by careful filtering it arrives at two policies ' one from Swiss Life and one from Bright Grey ' that would suit them both.
The only other thing I would insist on is that the clients have two separate policies, so if one gets a critical illness the other policy continues. I do not mind if such policies are under one direct debit, but it cannot be a joint policy unless the second life is guaranteed a re-write and a continuation of cover after the first claim.
