Our belief is that family protection is the very foundation of independent financial advice generally, and for most people it is, or should be, a first priority. Your circumstances will be different from the family next door or from a work colleague and will depend on many factors. Our experience in dealing with Financial Planning therefore includes not just pensions and investments but family protection also.
Family protection encompasses not just life assurance needs, but moreover income protection, critical illness cover 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 can reduce or eliminate his or her ability to continue to provide the income to support the family.
It is important to further consider the effect that death or incapacity would have on other members of the household, particularly spouses who are not engaged in paid work. 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.
Our advice includes taking into consideration the debts that you might have such as 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 your borrowings are protected against death and, probably more importantly, a serious illness.
Insuring against these catastrophes are fundamental in your financial planning.
Businesses too can be severely affected by the loss of a Director, a 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.