Overview and key points
When a business owner’s health changed suddenly, the protection he had put in place became far more than a financial safety net.
Discover how we worked with one of our clients to design cover that reflected both his family’s and his business’ needs — and how, when a serious illness claim arose, the right advice, provider support and added-value services helped protect the family’s financial position and kept the business moving.
Challenge
Like many business owners, our client wanted to understand what would happen if illness or injury affected his ability to work. He and his wife were looking for “what if” protection that would help safeguard their family while also protecting the company he owned.
The need was twofold: personal financial resilience for the family and practical continuity for the business. If the client became seriously unwell, the family would need financial security and the business would need support to continue operating without him at the helm.
When the unexpected happened, the protection in place did exactly what it was designed to do.
Support
Caroline Wilson, Client Director at Partners&, worked with our client to review the personal and commercial risks he wanted to protect. Following this advice-led discussion, Caroline recommended a combination of relevant life cover, key person protection, executive income protection and personal critical illness cover.
The programme was designed to reflect the client’s personal and business needs, including £300,000 of personal critical illness cover and £250,000 of key person cover, along with a monthly income benefit provided by the executive income protection plan.
Four years later, that “what if” scenario became real when, at 39, our client suffered a stroke and was hospitalised.
The impact was immediate. His vision was affected, he lost his driving licence, and everyday life changed quickly. His wife and business partner had to balance family responsibilities, medical appointments and the day-to-day running of the business during an already stressful period.
Partners& supported throughout the claim process, helping to progress the case even when medical evidence was not straightforward to obtain. With a consultant report proving difficult to secure, the claim moved forward using detailed hospital discharge notes and GP input. Scottish Widows provided regular updates through their Business Development Manager and health claims team, giving clear visibility that the claim was being proactively managed.
Caroline and the wider Partners& team also supported the claims process under the executive income protection policy (arranged with a separate provider) to ensure these benefits were paid out to the client.
Alongside the financial claim, Caroline also highlighted the added-value support services available through the policy, helping the family access practical and emotional support without having to navigate these important options alone.
Perform
Our client received two lump sum payments: £300,000 from the personal critical illness policy and £250,000 from the key person policy, in addition to the monthly income benefit from his executive income protection policy. For the family, the personal cover helped provide financial reassurance at a time of significant disruption. For the business, the key person payment funded a contracts manager to keep day-to-day work moving while the client focused on recovery.
The outcome demonstrated the value of good advice in protection planning. The cover had been arranged to respond to both personal and commercial risks — and when the unexpected happened, it gave the family, the business and the wider support network the resources they needed to keep going.
It also reinforced the importance of partnering with the right providers – one who is focused on care and service, particularly at the time of a claim. The payout mattered, but so did the clarity, regular communication and care shown throughout the claims process.
Key outcomes
- Support for the family with personal critical illness payment of £300,000
- Maintain business continuity through a key person payment of £250,000 enabling the business to appoint a contracts manager while the client focused on recovery
- Monthly income paid by the executive income protection policy whilst the client was unable to work, providing the business with the funds needed to continue paying their salary and helping to maintain financial stability.
- Gave the family peace of mind that a regular income continued to be received during what was a very difficult period.
- Added-value services providing practical and emotional support for the family at claim time.
- Regular claims communication helped provide confidence that the case was being actively managed.
“On a case like this, the payout matters, but so does everything around it. I want clear progress, regular updates, and a claims team that handles people with care. This experience is a reminder that the right advice and provider matters.” Caroline Wilson, Client Director, Partners&
Talk to Partners&
Protection planning is about more than arranging a policy – it’s about understanding the people, the business and the risks that sit behind them. If you would like to review how your personal and business protection would respond when it matters most, talk to Partners&.
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