Ross and Karen approached Generation Wealth Management looking for advice. As parents of two young children they wanted to ensure they had adequate life insurance to provide for the family should something happen to one of them.
During our initial Fact Find – a review of the couple’s current financial situation including information on income, family expenditure and available budget for cover – a substantial debt was uncovered. This rather changed the conversation with debt advice being given and debt counselling discussed. The couple left to discuss their options.
A short while later we met with the couple again – who now had a debt payment plan in place – we discussed the outcome of the financial audit and Fact Find. The couple’s priorities were to ensure that should something happen to one of them the other would be able to pay off the mortgage; the leeway to pay for funeral or other costs was a bonus.
The couple decided upon decreasing term life assurance, family income benefits and critical illness insurance. This life cover would allow the mortgage to be cleared, the family income benefit would provide a second wage should the unthinkable happen and the critical illness provided additional peace of mind.
Debt has become a huge problem, especially in recent years as the credit culture has become well established. Credit is so easily accessible that often there is no need to save up for something; it can simply be bought with credit.
However what is initially purchased on 0% can quickly become 19.9% or higher. This jump can easily trap couples like Ross and Karen into a cycle of robbing Peter to pay Paul.
The Fact Find offered by Generation Wealth Management provided an unbiased black and white image of the serious reality of the couple’s debt situation. This allowed them to reanalyse their situation and showed how precarious their current situation was. By taking sensible steps they could take the first steps to regaining control of their finances.
Both Ross and Karen are devoted to their family unit. They are thankful for the peace of mind that being fully protected has provided them with.
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