Sarah
28, single, just bought her first flat. No dependents but a real mortgage and a thin safety net
Snapshot
| Age | 28 |
| Family | Single, no children, parents alive |
| Job | Marketing executive, employed |
| Gross income | £38,000 |
| Home | £220,000 one-bed flat, just completed |
| Mortgage | £187,000 over 35 years, 15% deposit |
| Mortgage payment | £1,030 per month |
| Savings post-purchase | £2,000, about one month of expenses |
What Sarah has today
- Employer sick pay: one month full pay then SSP only.
- No death-in-service benefit.
- No critical illness or income protection through work.
- Workplace pension just started.
The gap
- No dependents, so traditional family life cover sized to replace income is overkill for her.
- She has £187,000 of mortgage debt and £2,000 of savings. If she cannot work for more than three months, she loses the flat.
- Critical illness risk at 28 is not zero. Mental health crises and accidents cluster in this age band.
- Her parents would help, but they should not have to absorb a £187,000 mortgage.
Recommended cover, built in three tiers
| Tier | What it includes | Indicative /month |
|---|---|---|
| Basic | Mortgage decreasing-term life cover of £190,000 over 35 years so the flat clears on her death, plus funeral cover of £8,000. | £18-22 |
| Enhanced | Adds Income Protection paying £1,800 per month with a 4-week waiting period to match employer sick pay, ceasing at age 65. | £48-62 |
| Comprehensive | Adds Critical Illness Cover paying £150,000 on diagnosis, sized to clear the mortgage if she is seriously ill. | £68-85 |
Cumulative build. Each tier adds to the previous, not a flat choice. These are example structures. Your adviser will tailor cover to your budget, health, family and mortgage needs. Premiums indicative for a non-smoker in good health, subject to medical underwriting.
The case
Sarah is the youngest persona, and counterintuitively one of the most important to cover early. The cheapest cover she will ever buy is the cover she buys at 28.
Her biggest risk is not dying. It is being unable to work, even temporarily, and losing the flat. Three months off with a back injury or anxiety episode is enough.
Life cover is a smaller priority for her than income protection because she has no dependents. But mortgage-decreasing-term life makes sense so the flat does not become a debt to her parents. The Enhanced tier is where the real protection sits.
Common questions
I don't have anyone depending on me.
Right, so we strip back the life cover. But you ARE dependent on your own income to keep the flat. That is what IP protects.
My company gives me sick pay.
One month, then SSP, then nothing. Most people cannot survive 3 months on SSP, let alone keep up a mortgage.
I'm only 28, what could happen?
Mostly nothing. That is the point. But this is the cheapest the policy will ever be. The premium barely changes year to year for a healthy 28-year-old, but jumps significantly the moment you have any minor health change.
Major Money Matters Ltd is an appointed representative of Sesame Ltd.
Your situation will be different
Every scenario on this site is illustrative. Your actual cover depends on your income, family, mortgage, health and goals. The only way to know what fits is to talk to an adviser.
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