CASE STUDY
One of your clients contacted Henry Dannell after their clients decided to review their personal protection arrangements.
Significant career progression had led to a substantial increase in household income and financial commitments. The clients, both UK citizens, had also temporarily relocated to Spain after the wife, a director at a multinational organisation, was seconded by her employer for two and a half years.
Her husband was caring for their two children full time.
With their circumstances having changed considerably, the family wanted to ensure their existing protection remained appropriate.
The wife wanted to increase her life cover and explore income protection, while her husband wanted to review his life and critical illness cover.
The clients were a UK family temporarily living in Spain following an international secondment.
The wife held a senior role as a director within a multinational organisation and was the family's principal earner. Her husband cared for their two children full time.
Their changing circumstances meant the protection review needed to consider not only their higher income and financial commitments, but also the impact that illness, incapacity or death could have on the way the household operated as a whole.
This was not simply a case of increasing existing policy limits.
The family's temporary relocation to Spain meant we first needed to establish what protection could be arranged while they were living overseas.
We also needed to understand the financial consequences if either parent became unable to fulfil their role.
For the wife, her income was central to maintaining the family's lifestyle and meeting their ongoing commitments. A prolonged period of incapacity could therefore have placed significant pressure on household finances.
For her husband, the risk was different but equally important.
Although he was not earning an income, he was caring for their two children full time. If illness or death meant he could no longer fulfil that role, the family could face substantial additional costs and a potential impact on his wife's ability to continue working at the same level.
The protection review therefore needed to consider the household as a whole, rather than focusing solely on the principal earner.
We carried out a detailed fact-finding exercise to understand the family’s income, expenditure, existing protection and wider financial commitments.
This included modelling annual expenditure, housing costs and private school fees to establish the level of protection required to help support the family following serious illness, incapacity or death.
Given the clients’ temporary relocation, continuing UK connections and the circumstances of the wife’s employment secondment, we identified a UK retail insurer willing to consider the case.
This provided access to cover that was appropriate to the clients’ objectives, subject to the insurer’s underwriting and overseas residence criteria.
For the wife, we arranged increased income protection, providing a significant net monthly benefit if incapacity left her unable to work. Her life cover was also reviewed as part of the wider protection exercise.
For her husband, we arranged increased life insurance and critical illness cover. The recommendation reflected the financial consequences the family could face if illness or death meant he was no longer able to care for their children full time.
The resulting protection strategy reflected how the family actually operated financially.
It recognised the wife’s increased earnings and the household’s reliance on her income, while also recognising that the husband’s role as a full-time parent carried a significant financial value despite not being in paid employment.
Importantly, the review also took account of their temporary international circumstances rather than assuming that living overseas automatically prevented access to UK protection.
By considering income, expenditure, family responsibilities and the role of each parent within the household, we were able to put in place a more comprehensive protection structure aligned with the family’s current circumstances.
Effective protection planning is not simply about replacing an income. It requires an understanding of how a household functions financially and what the consequences would be if either partner were unable to fulfil their role.
For internationally mobile families, this can become more complex. Residence, employment arrangements, insurer criteria and ongoing connections to the UK can all influence what cover may be available and how a protection strategy should be structured.
Considering both the principal earner and the financial value of an unpaid caring role can therefore be essential to creating protection that reflects the real risks faced by the family, rather than simply insuring the person with the highest salary.
Protection is subject to individual circumstances, eligibility, underwriting and provider terms. Policy definitions, exclusions and benefits vary between providers. The availability of UK protection for individuals living overseas will depend on the specific circumstances and insurer criteria at the time of application. This case study is for general information only and does not constitute financial advice. Please seek professional advice before making any financial decisions.
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