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Sudden illness case study

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Dan Woodruff
Dan Woodruff

Case study on how we helped a couple deal with the implications of a serious illness to the husband. We saw them through the process of re-assessing their financial situation, making claims to various insurance companies and putting their future finances on a secure footing.

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alternative income sources to help them to pay off debts Case Study accrued during the husband’s illness. We also helped them to liaise with the husband’s pension companies to Sudden Illness take his retirement income early. This helped them to solve their short term income problems. We helped the clients to present their insurance claims in Summary: a way which gave them the best chance to achieve a We helped a couple deal with the implications of a favourable response. We were also able to handle the serious illness to the husband. We saw them through claim process so that they were kept up to date with the the process of re-assessing their financial situation, progress of their claims. making claims to various insurance companies and putting their future finances on a secure footing. Finally we worked with the client to set up investments to provide a growth strategy towards future income needs and the possible funding of care fees. Background: An existing client developed a serious illness which was debilitating and therefore meant that he would no longer Outcomes and Impact: be able to work. They needed to manage their income The clients were able to alleviate their initial income situation and to determine whether this change in their problems by re arranging their existing assets. circumstances would impact on their future financial security. We helped them to make important decisions about their future income and the structure of their financial needs. Problems/Challenges: We presented their insurance claim in a straightforward Initially their main problem was one of income since the way and dealt with all the paperwork, resulting in a husband’s illness prevented him from working. They number of successful lump sum payouts. needed to re-assess their expenditure to find ways to address this situation. We helped them to create a solid base for their finances so that they could feel secure no matter what happened. Previously the husband had handled all the family finances which meant that the wife had only a limited Finally we helped them to arrange their investments so knowledge of their existing provisions. We needed to that they could achieve income and have the flexibility to work with her to understand the implications of the withdraw money as needed. All this was done with a changes to their lifestyle, and also to help her to take focus on taking very low risk while maintaining their future control of their future financial directions. lifestyle needs. Luckily the clients had previously set up a number of insurance policies to cover against this kind of Continuing Support: eventuality. However they needed help to present their Each year we schedule two reviews with the clients. The claims to the relevant insurance companies so that they first is to re-evaluate their financial situation and revise would receive a favourable hearing and also to help their financial plan so that we can take into account any them manage the claim process through what was changes to their circumstances and re-assess whether obviously a stressful period. they remain on target to meet their long-term goals. The second meeting reviews the clients’ investment Our approach: portfolio and aims to keep it on track towards its goals We started off by working with the clients to establish while taking the least risk needed to do so. their existing situation and to create a realistic idea of how things would change in the future. This meant taking a pragmatic view as to the husband’s prognosis Please contact us and also how his condition may deteriorates over time. for further details: Once we had understood their situation we were able to develop a financial plan which would assess how their finances would be affected by the change to their Woodruff Financial Planning circumstances. In this plan we were able to examine The Colchester Centre, Hawkins Road, various scenarios, for example examining the effect on Colchester, Essex CO2 8JX. their finances of possible future care fees. Email: advice@woodruff-fp.co.uk We were able to work with the clients to generate Fax: 01206 266885 Tel: 01206 266882 Principal: D Woodruff. Woodruff Financial Planning is Authorised and Regulated by the Financial Services Authority. This document is for www.woodruff-fp.co.uk information only, and does not constitute financial advice. This document is aimed at United Kingdom residents only. © Woodruff Financial Planning. No unauthorised reproduction is permitted without prior consent.

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Sudden illness case study

  • 1. alternative income sources to help them to pay off debts Case Study accrued during the husband’s illness. We also helped them to liaise with the husband’s pension companies to Sudden Illness take his retirement income early. This helped them to solve their short term income problems. We helped the clients to present their insurance claims in Summary: a way which gave them the best chance to achieve a We helped a couple deal with the implications of a favourable response. We were also able to handle the serious illness to the husband. We saw them through claim process so that they were kept up to date with the the process of re-assessing their financial situation, progress of their claims. making claims to various insurance companies and putting their future finances on a secure footing. Finally we worked with the client to set up investments to provide a growth strategy towards future income needs and the possible funding of care fees. Background: An existing client developed a serious illness which was debilitating and therefore meant that he would no longer Outcomes and Impact: be able to work. They needed to manage their income The clients were able to alleviate their initial income situation and to determine whether this change in their problems by re arranging their existing assets. circumstances would impact on their future financial security. We helped them to make important decisions about their future income and the structure of their financial needs. Problems/Challenges: We presented their insurance claim in a straightforward Initially their main problem was one of income since the way and dealt with all the paperwork, resulting in a husband’s illness prevented him from working. They number of successful lump sum payouts. needed to re-assess their expenditure to find ways to address this situation. We helped them to create a solid base for their finances so that they could feel secure no matter what happened. Previously the husband had handled all the family finances which meant that the wife had only a limited Finally we helped them to arrange their investments so knowledge of their existing provisions. We needed to that they could achieve income and have the flexibility to work with her to understand the implications of the withdraw money as needed. All this was done with a changes to their lifestyle, and also to help her to take focus on taking very low risk while maintaining their future control of their future financial directions. lifestyle needs. Luckily the clients had previously set up a number of insurance policies to cover against this kind of Continuing Support: eventuality. However they needed help to present their Each year we schedule two reviews with the clients. The claims to the relevant insurance companies so that they first is to re-evaluate their financial situation and revise would receive a favourable hearing and also to help their financial plan so that we can take into account any them manage the claim process through what was changes to their circumstances and re-assess whether obviously a stressful period. they remain on target to meet their long-term goals. The second meeting reviews the clients’ investment Our approach: portfolio and aims to keep it on track towards its goals We started off by working with the clients to establish while taking the least risk needed to do so. their existing situation and to create a realistic idea of how things would change in the future. This meant taking a pragmatic view as to the husband’s prognosis Please contact us and also how his condition may deteriorates over time. for further details: Once we had understood their situation we were able to develop a financial plan which would assess how their finances would be affected by the change to their Woodruff Financial Planning circumstances. In this plan we were able to examine The Colchester Centre, Hawkins Road, various scenarios, for example examining the effect on Colchester, Essex CO2 8JX. their finances of possible future care fees. Email: advice@woodruff-fp.co.uk We were able to work with the clients to generate Fax: 01206 266885 Tel: 01206 266882 Principal: D Woodruff. Woodruff Financial Planning is Authorised and Regulated by the Financial Services Authority. This document is for www.woodruff-fp.co.uk information only, and does not constitute financial advice. This document is aimed at United Kingdom residents only. © Woodruff Financial Planning. No unauthorised reproduction is permitted without prior consent.