Protection Planning

Protecting your loved ones and yourself in the event of death or serious illness is naturally something you would want to do, but have you?

Is your family protected?

As well as being well loved by your family you are also extremely financially valuable to them. How would they manage if you were no longer around earning income or looking after the kids and running the household? We don’t give a second thought to insuring our homes, personal possessions and cars but have we got our own lives properly insured? According to research commissioned by insurance company LV= it is likely to cost £231,843 to raise a child to age 21 that is born in 2016. On top of this you still have all the other regular expenses of living day to day.

If you have dependents you should….

Firstly ensure that your debts such as mortgages and longer term loans are covered by suitable life assurance so that if anything happens to you your loved ones will not have the immediate pressure of having to manage loan payments. Secondly consider what income they would need to meet all living costs and take advice as to how best to insure your life to provide this income if you were to die.

What if I suffer a life changing illness or accident?

In this case you are unlikely to be able to work for a long period of time or maybe unable to ever work again. If you could return to work it may be in a part time or lower paid position. With welfare benefits being curtailed by Government it is unlikely that you would be able to maintain your standard of living and meet your essential expenses on State Benefits alone. Mortgages and other debts will become almost impossible to service with little income. Putting in place Critical Illness cover could provide a lump sum to clear debts. Critical Illness cover works in the same way as life assurance but pays out on diagnosis of one of the covered illnesses thus reducing stress at what could be a traumatic time for the family.

Clearing debts is stage one but you still have to cover ongoing living expenses.  An income protection plan will pay you a tax free income from the date your claim qualifies until the end of the policy, usually set to your anticipated retirement age. To qualify for a claim you have to be unable to work (as confirmed by a suitable medical professional) and the income protection plan will then start to pay a tax free replacement income until you are fit enough to return to work or the plan expires.

Can you afford not to protect yourself and your loved ones?

Protection comes at a cost but so does not having protection. As independent financial planners we examine all of your options, tailor a plan to suit your circumstances and then source quality protection products from the whole market. We identify products that will meet your needs whilst keeping a close eye on  your own personal budget. Where compromises have to be made we will prioritise those areas that are most critical and will build you the best plan available within your budget.

Our experts are ready to discuss how we can give you and your family peace of mind that, whatever happens, your financial worries are taken care of.

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