CASE STUDY
In a world where uncertainties abound, financial security is paramount. For a limited company director, having a robust life insurance plan in place can provide invaluable peace of mind. This case study highlights how Henry Dannell played a pivotal role in securing a tailored solution that not only protected the director’s family but also delivered significant financial benefits.
The client, a successful limited company director, initially approached Henry Dannell seeking a mortgage for a new main residence. During the process, the client expressed a desire to explore additional financial protection options to safeguard her family’s future. With her substantial income and associated expenses, including childcare and private education fees, the client recognised the importance of protecting her loved ones from potential financial hardship.
Through a thorough analysis of the client’s income and expenditure, Henry Dannell determined that a level-term life assurance policy with a sum assured of £3.5m over a 10-year term would be most suitable. This coverage would ensure that the client’s surviving spouse and children could maintain their current standard of living without undue financial strain.
One of the most advantageous aspects of this case was the ability to incept the policy through the client’s limited company rather than personally. By doing so, the premiums became a tax-deductible business expense, resulting in substantial savings over the policy’s term. To ensure that the proceeds would be distributed as intended, Henry Dannell also assisted in placing the policy into a trust.
In comparison to a personally held insurance policy, the relevant life policy provided a remarkable 53% saving in premiums over the 10-year term, equating to over £41,000. The client was delighted with the financial advantage and the peace of mind that the tailored solution offered.
Henry Dannell’s expertise and dedication were instrumental in securing this outstanding outcome. By understanding the client’s specific needs and providing a comprehensive analysis, the firm was able to deliver a life insurance solution that not only protected the client’s family but also exceeded their expectations in terms of cost-effectiveness.
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Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please also note: The Financial Conduct Authority does not regulate most forms of buy to let mortgage.
