Protecting what's important Choice Case Study
Like many young families, Matthew is the primary income earner, supporting a family with three children under 5.
When he first came to Choice Capital he was looking for help with establishing a loan so he could buy his family a new home. In his initial meeting, he met with one of our mortgage brokers to find the best loan available to him and his family. Whilst talking with Matthew, it became clear to Mikaela that outside of focusing on buying a home, he hadn’t really put much thought into his financial situation.
Amy, one of our Financial Planners, joined the meeting and they talked more to fully understand his cash flow, savings, and the things that were most important to him and their plans for the future. It was quickly uncovered, that, as the sole income earner, if something were to happen to Matthew - whether it be an accident or illness that might stop him from working temporarily or even more permanently, then the home they were about to buy would be at risk, and their plans would be forced to change. This risk was not something Matthew had put much thought in to.
Why would he? He was young, fit, successful, and had a good life with his growing family. But what if something were to happen to him? How would his family be able to adapt if his income were to stop?
Not only this, but, if something were to happen to Nicole, Matthew’s wife, how could he afford to look after Nicole, his family, and continue to work?
Matthew realised that most important to him was the future that they were working to build for their family, and that his income was primary to the plans they were making and Nicole’s ability to look after the family was also integral to their family’s success. So, whilst he couldn’t predict the future, he understood that establishing personal insurances would help them feel better about their future plans and would provide them with the peace of mind so they wouldn’t have to worry about their family and how they may be impacted by unexpected change.