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19.09.2023

Why protection advice is crucial when clients divorce

Nadia Khan DipPFS Cert CII (MP)

Nadia Khan DipPFS Cert CII (MP)

Wren Sterling

Financial Adviser, Mortgage Adviser, Will & Estate Planner, Investment & Wealth Manager, Pension Adviser

Advising people at this vulnerable time could influence their financial security for the rest of their lives, and protection advice remains a key component.

There are various considerations to make when advising divorcing/separating couples on their protection planning.

If a maintenance order is made by the court to support a parent with children, the order may mention insurance, but these parents may not know how to access this type of insurance. A family income benefit plan can be set up and written into trust.

As protection advice is usually given when taking out a mortgage, at this time a joint life policy may have been arranged. Some insurers will offer a guaranteed insurability option at the point of separation/divorce. This could be important if one of the clients' health has changed. Also, at the point of separation protection policies could be cancelled, even if in single names as the continued importance of these protection policies is not understood. By reviewing existing provision as soon as possible protection advice can be given.

This is particularly important when advising on separation options in insurance, as there will be a maximum time frame when these options can be exercised, usually six months.

Employee benefits are equally important to review. A partner may be protected in this way and find themselves now without that protection. In a recent discussion, I found that a woman had been removed from her husband's private medical insurance scheme and was not aware of this until she needed to access medical treatment.

There are specific points where advice is needed. A mortgage capacity report may be needed for the court to decide the financial splits of existing assets, giving a detailed investigation into the level of mortgage the person is likely to be successful in obtaining.

divorce finances
Protecting your family
protect what matters
Divorce & financial settlement

Nadia Khan DipPFS Cert CII (MP)

Nadia Khan DipPFS Cert CII (MP)

Wren Sterling

Financial Adviser, Mortgage Adviser, Will & Estate Planner, Investment & Wealth Manager, Pension Adviser

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…

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