Protection advisers Henry Wood and Connor Fallon recently helped clients obtain more cover, at a cheaper monthly premium, by reviewing their existing protection policies.

The clients had originally taken out a combination of personal protection policies through a different adviser and, due to one of the client’s medical circumstances, their premiums included an additional +50% loading above the standard premium. This therefore brought the total monthly premium to just over £300.

Henry and Connor undertook a full broking exercise and approached every insurer in the market to determine if there were any insurers who were able to provide a better outcome. The responses were as follows:

Whilst most insurers were not able to provide a better underwriting decision than the clients’ existing insurer, there was one insurer who confirmed that they would be able to consider offering standard underwriting terms with no additional loading.

Henry and Connor therefore submitted an application to Insurer F on behalf of the clients and worked together with Insurer F to arrange medical exams for the clients and for additional medical information to be obtained from the clients’ GPs. After all the information had been received and assessed, Henry and Connor were delighted to confirm to the clients that Insurer F had upheld their original indication of standard terms.

The resultant outcome was not only a reduction in the clients’ monthly premium from £306 to £258, but Henry and Connor were also able to secure the clients an additional £500,000 of life cover and a more comprehensive critical illness contract, which was much more in-line with the family’s overall needs.

“It was a brilliant outcome, and the client was understandably thrilled. This case is just another example of why it’s so important for advisers to take a ‘no stone unturned’ approach as it would have been easy for us to just check with the top 5 most competitive insurers and then conclude that it would be impossible to obtain a better outcome” – Henry Wood