For many professionals, income protection is essential, but over time, personal circumstances can change, making it crucial to regularly carry out a protection policy review to ensure cover remains appropriate and cost-effective.
In this case, we were introduced to a Barrister by one of our valued introducer partners. The client had originally arranged critical illness and income protection policies early in their career, shortly after being called to the Bar. However, their financial and personal circumstances had evolved significantly since then, creating an opportunity to optimise their cover.
When the client first secured their protection policies, their income was modest, and they were navigating some health challenges, including high blood pressure. These factors resulted in the original policies being subject to medical ratings, which increased premiums.
However, as the client progressed in their career, their earnings had grown substantially, and their health had improved. This created the ideal moment for a full protection review.
The client’s existing policies no longer reflected their current income or financial responsibilities. Their increased earnings meant the previous benefit levels were insufficient to provide full security in the event of illness or injury. Furthermore, their improved health meant there was potential to eliminate prior medical loadings, reducing overall costs.
We began by conducting a detailed protection policy review of the client’s medical history, financial position, and future needs. This included a thorough assessment of assets, liabilities, and cash flow to ensure that any recommendations would be fully aligned with the client’s risk profile and priorities.
With improved health and a strong professional profile, we were able to approach premium insurers in the market. Following careful negotiations, we secured new critical illness and income protection policies with a leading provider.
Despite the upgraded benefits, the client’s premiums were only marginally higher than they had originally been paying, delivering both improved protection and exceptional value.
The client now has peace of mind knowing they are fully protected should their health impact their ability to work. Their new policies provide robust cover for both short-term disruptions and serious long-term health conditions.
More importantly, the protection policy review demonstrated that their financial protection strategy had kept pace with their evolving personal and professional life, delivering value, flexibility, and future security.
At Henry Dannell, we understand that protection is not static, it should evolve with each client’s career and life journey. Our expertise and market access ensure that every professional we advise receives tailored, future-proof solutions that deliver long-term peace of mind.
This is a case study and not indicative of typical results. Past performance is not necessarily representative of future results. This information is for general purposes only and does not constitute financial advice. Please seek professional advice before making any financial decisions.
Please note: these plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.