Family and Business Protection

Family protection is in many ways the very foundation of financial planning generally, and for most people it is, or should be, a first priority.

Needs will vary from circumstance to circumstance and will depend on many factors. Family protection encompasses not just life assurance needs, but also income protection, critical illness benefits and related areas such as private medical insurance.

There is a clearly demonstrable need for the breadwinner of a family to be covered against the various circumstances which could reduce or eliminate his or her ability to continue to provide the income to support the family.

It is however important to consider the effect that the death or incapacity of other members of the household, particularly spouses who are not engaged in paid work, would have. For example, where one partner takes responsibility for looking after young children, if he or she becomes unable to do so, the result may well be that the other partner can no longer devote as much time to work, and the family's income overall may suffer. Outgoings may also increase, with additional child minding costs and so on.

Unless the family's financial situation is protected against such eventualities, there is a high risk of a significant reduction in living standards as a result of death or disability.

So to with mortgages and loans. Because the purchase of a main residence is such a fundamental requirement for most people, and because the size of the borrowing is often large relative to income and other assets, it is important that the borrowings are protected against death and, probably more importantly, a serious illness. These catastrophes are likely to have a devastating effect on the financial situation of the survivor and their families

Businesses too can be severely affected by the loss of a Director, Partner or a Key Employee. The idea of business assurance in general is to protect the business itself and/or the potential inheritors of the business from the death or disability of a person who is key to the operation of the business, or who is an owner of part of the business.

To find out how we can help to protect your family or your business, please contact us.

Arthur Beverly Financial Management is authorised and regulated by the Financial Services Authority

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