View more on these topics

The home of your dreams or a possible nightmare

Simon Halifax – Senior Marketing Consultant, Royal London

Renovating a home could have an impact on your client’s savings and income.

‘Grand designs’ or indeed home renovations appear to have really taken off this year, especially where I live. As there are a huge number of homes getting extensions, roofs replaced or new windows and doors. I’m not sure if it’s taking advantage of a better summer or if it’s a noticeable change in that more and more homeowners now want to craft and develop the home of their dreams.

I can certainly resonate with the last statement having gone through my own home improvement project last year to install a two-storey extension at the back of my house. We had more rain than sun to contend with but generally the project went to plan, although it seems like most ‘grand designs’ we did exceed our budget!

And that’s really the point of this article, we can usually find the money to stretch ourselves in these type of circumstances – be that through savings, family ‘donations’ or even taking on small loans. With the promise that you’ll pay it back or you’ve got time to build up savings again – but what if you can’t? What would happen then? We think that our ability to earn will continue but what if it stopped through say an accident or a serious illness?

You could have clients in this situation and it may be an opportunity to revisit them to check that they still have enough protection in place, or if they don’t have any cover at all? For some, who rejected cover when they first took out their mortgage as they didn’t need it, “I’ve got my savings to fall back on” – well that may no longer be the case.

The thought of what could happen to your clients if they’re not properly protected is potentially devastating – that home of their dreams would be gone, and all that investment lost too. Could you imagine how they’d feel having to sell their home, one that they’ve worked so hard for, moulding and adapting to how they wanted it?

It’s only natural that as humans we try not to think about these types of events, we want happy and fun life experiences. It’s one of the reasons why we developed our Run for Cover game – it’s a less serious way to get clients thinking about the future, their finances and how they’d cope should something not quite go to plan. You can visit the game at and share with your clients to get them thinking about protecting their future, or even current dreams and ambitions.


new financial adviser exam

Will a new adviser exam impact professionalism?

A new Chartered Insurance Institute exam that lets the FCA assess adviser competence raises an important question: should passing tests at the beginning of your career qualify you for life? Many in the advice profession would argue the examination process to become chartered or certified is lengthy enough. Despite the changing nature of the job, […]


Steve Webb: The trouble with triage and pension transfers

There is huge variation in what clients can expect when approaching advisers to talk about pension transfers. But is standardisation the answer? When a client, or potential client, walks through the door holding a pension transfer value quotation, an adviser can be in a difficult position. It is hard enough if they are a complete […]

Schroders increases stake in Benchmark Capital

Schroders is now the ultimate controlling party in advice business Benchmark Capital after increasing its stake in the firm in May. According to Benchmark Capital accounts filed to Companies House, Schroders increased its equity stake in the business to 77 per cent on 25 May. Schroders previously held a 65 per cent stake in the […]


Which financial services names have made the Rich List?

Peter Hargreaves has jumped to 42nd position on the Sunday Times Rich List, a climb of nine places from last year, after seeing his wealth grow £849m to £3.2bn. Hargreaves is no longer on the Hargreaves Lansdown board but has kept a 32.2 per cent stake in the company – the value of which has […]


Attitudes toward income protection

Ross Jackson – Senior Protection Marketing Manager, Royal London  Royal London commissioned Opinium to run our State of the Protection Nation research to find out how people felt about their own protection needs and the industry as a whole. We surveyed people who had already taken out some kind of protection insurance and those who didn’t […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment