Protecting Your Family

You can’t predict everything that the future holds, so it may seem like a difficult task to plan for the unexpected. In the event of a death, illness or redundancy, it’s wise to be prepared so the financial impact on your family is as small as possible. You don’t have to plan for every eventuality, but you should consider taking steps to ensure that whatever the future holds, your family’s financial needs are taken care of.

Your Children

Whether they are still young, or have already flown the nest, your children’s future is likely to be as important and precious to you as your own. University, buying a first home, supporting children of their own; all of these things can be a huge financial hurdle, and you may be looking for ways to help your children overcome them.

A recent Mori survey showed that half of home-owning parents didn’t think their children would be able to get on the property ladder without parental support. If one of your goals is to help with buying a first home, you will need to start planning carefully so you can achieve your aims without jeopardising your own financial wellbeing.

Your Job

Most of us know someone who has been affected by redundancy, and will be aware of the enormous emotional and financial impact it can have. Sadly, redundancy is now all too common, so it’s important to have a contingency plan in the event of losing your income. With careful pre and post-redundancy planning, the knock-on effects can be minimised, helping you and your dependents through what could be a difficult period.

Your Health

In the event of long-term illness or disability, the last thing you will want to be concerned about is paying the bills. Adapting to a new level of income can be traumatic, but you can protect yourself and your loved ones from financial hardship with the right contingency plan or insurance.

Equally, no-one likes to think about death, but if you have dependents, how can you be sure their needs will be taken care of if the unthinkable happens? Building adequate provision into your financial plan will give you and your loved ones complete peace of mind.

Life Insurance
Life insurance is designed to provide financial protection in case of death of the insured individual. This can be designed to repay a mortgage or to replace an income and can be arranged as either a fixed or reducing level of cover.

Permanent Health Insurance
Many people accept the need for life cover in case they die but they are much more likely to get ill and be unable to work. If they are self employed, or not paid by their employer when unable to work, this could lead to drop in income. Permanent health insurance cover provides an income whilst unfit for work through illness provided the premiums are being maintained.

Critical Illness Insurance
Benefits from a critical illness policy can be paid as either a lump sum or regular monthly on diagnosis of one of a specified list of critical illnesses. This could, for example, provide capital to cover the cost of modifying a home.

Accident/ Sickness/Unemployment Insurance
Income protection is a safeguard against losing a job, and hence an income, as it can cover the cost of rent or mortgage payments, utility bills, or loan repayments.

Private Medical Insurance
Private medical insurance is designed to cover the cost of private medical treatment for curable short-term illnesses. As a private patient it is normally possible to choose when treatment will take place, who will provide it, and where it will be provided.