Diane was 48 years old, unfortunately widowed with a 13-year-old daughter:
- Salary: £0, Diane had not worked since the birth of her daughter
- Existing Savings: £25,000 and an endowment policy
- Mortgage: £60,000
- Pension: None of her own
Her situation
Losing a loved one was hard enough. For Diane, it was coupled with a complete sense of insecurity. Her husband had always looked after the finances. When he died, Diane was embarrassed to face a situation where she didn’t know what money existed or how she would go about accessing it.
Diane was recommended to Otter by a family member.
Diane needed clarity on her financial circumstances, wanted to clear her mortgage and have financial security for her daughter.
The Otter solution
The first meeting following a bereavement is an emotional experience. At Otter, we’re people first and advisers second. We could provide the warmth and compassion to reassure Diane that she had nothing to be embarrassed about and that we were there to help her.
We agreed with Diane that we would take the lead, and set about contacting the numerous providers to collate information on investments, pension entitlements and life assurance cover.
We helped Diane to claim the appropriate death in service payment, spouse’s pension and endowment policy benefits. We also helped eliminate some untimely administration by handling her late husband’s tax return for her.
With a clear view of Diane’s financial position, we then produced detailed cash flow analysis and a financial plan to give Diane comfort and peace of mind about her financial position.
Using the proceeds, we advised Diane to clear her mortgage and helped her invest the remainder cautiously to preserve her level of capital without taking too much risk.
Given Diane’s traumatic situation, we were at least able to bring some much-needed peace of mind around her finances.
We continue to meet with Diane on an annual basis to assess her position and are always available to answer questions or queries at any time.
This is a real situation based on real clients of Otter Financial Services. We’ve changed names for data protection reasons, but if you’d like to speak to any of our clients, just let us know and we’ll put you in touch.
