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It is amazing what a simple chat can achieve.

A potential client came to one of our investment dinners. His wife was ill and in a home, and he had just purchased an impaired life annuity for £266,000 to pay for her ongoing care fees.

Due to his circumstances this client was interested in equity release rather than wealth management, so we arranged for him to have a chat with a specialist in that area and wished him the best of luck.

Unfortunately, his wife then took a turn for the worst and was not expected to live long.

As with most annuities, the one they had just purchased would provide income for the rest of life, but on death the capital value would be lost.

Luckily, as the annuity had only just been purchased it was still within its cancellation period. Our equity release specialist therefore told the client to cancel it, which he did, receiving his full £266,000 back.

The client’s wife has now died. This is desperately sad, but at least the quick chat we had with him meant we saved him from losing £266,000.

Mike Deverell, Investment Manager