Protection Planning
When a builder builds a house, they always start with the foundations. When it comes to building your financial plan, we should do the same.
Mortgage Protection
It is very exciting buying a house. You take on a huge financial commitment and are happy to pay out every month for 25 to 35 years.
But what if you die or suffer a critical illness? Would you prefer that you/your family lose the house, or would you prefer to lose the mortgage?
Family Protection
We often see young couples who have life cover for their mortgage but not their families. Yet when you ask them what the most important thing in their lives is, they say “each other and their kids”. So why would you insure your home but not insure your family? Life assurance for the family is normally as cheap as chips.
Inheritance Tax
Inheritance Tax is often mitigated by several means but one of them is by using life assurance. Single policies of older people that are guaranteed to pay out on death (Whole of life literally covers you for the whole of your life) can be quite expensive. However, for couples a joint-life, second death policy is much more affordable. They are designed to be paid out on the second death, which is when Inheritance tax is due.
Income Protection
Your financial security in later life will largely be determined by how much you saved/invested and how much you saved/invested will be determined by how much you earned. Your ability to earn is largely determined by things you can control (work ethic, desire to learn and keeping healthy) and things you cannot control (accidents and sickness). So why not insure your income against long-term sickness or disability?
Take Action
As independent financial advisers we can give you full, comprehensive advice on your mortgage protection and family protection needs.
If you just tick a box for life cover when you are applying for a mortgage, you are doing yourself a MASSIVE DISSERVICE. Having the right protection plan in place is vital.
Please contact us to advise you on your protection requirements. We are also happy to review your EXISTING policies to check that your are NOT overpaying and check that the policy is a decent one.