Financial Services News

After a year full of uncertainties for us all and the impact it has had on our lives, this bodes the question ‘was I prepared financially for this?

The importance of financial planning

November 2020


 

After a year full of uncertainties for us all due to the Covid-19 outbreak and the impact it has had on our lives, this bodes the question ‘was I prepared financially for this?’ If the answer is no, then there are certain steps you can take in order to plan for the future, to ensure stability for you and your family. 

Life Insurance

Although not the most pleasant of topics to discuss with your family, many have been put into financial difficulty after the passing of a family member due to Covid. Due to instances like these, it’s more vital than ever that you have these conversations and have a plan in place, should the unthinkable happen. This will mean that your family will have financial protection under these circumstances.  Life insurance policies can either be formatted to be a fixed rate for the duration of your policy or can decrease in accordance with your particular needs.  

Critical Illness Insurance

Once again, another insurance policy that has been vital for families during 2020 has been critical illness insurance. This policy will provide you and your family with a one-off payment should you be diagnosed with a critical illness. These funds are to help you adapt your life in accordance with your illness, for example having to clear your mortgage for stability if your illness will limit your ability to work. As this type of insurance is so personal, as your local Independent Financial Adviser, we will provide a bespoke policy suited to you and your individual needs.

Income protection

Before Covid had you ever thought about the financial impact of not being able to work due to illness? For many of us lucky enough to be fit and healthy, this may not have crossed our mind, however now more than ever it’s important to be prepared. With income protection if you were to fall ill with a debilitating illness, Covid or otherwise, your current salary would be protected. However, without income protection your salary could be reduced by your employer after a few weeks of absence or cut completely in the worst-case scenario. Similarly, any benefit amount is means tested and would be insufficient in comparison to your previous salary. Due to this, Income Protection is the most reliable option to give you and your family stability in these unprecedented times.

If you currently have these three specific financial policies in place, it is also important to remember to review them on a regular basis, especially with current circumstances. This will ensure that you are protected for your specific needs, even if your circumstances change. For more information on our policies and how they can benefit you in a time of need, please contact us