Protecting the most important things in life should the worst happen.

During these unpredictable times, many people have faced not only hardship, but sadly, the loss of a loved one too.

This article covers 4 areas for you to consider when it comes to securing your financial future:

  1. Protect The Things That Really Matter
  2. Added Value Support
  3. Business Protection
  4. Inheritance Tax

1) Protect The Things That Really Matter

2020 was a year that clearly demonstrated to everyone, that we never know what life has in store for us.

Taking the time to stop and think about what would happen financially for your partner, family or dependants should the unexpected occur, isn’t easy, but it is essential.

Sadly, too many people are now feeling the backlash of ‘it won’t happen to me’, or ‘I don’t need it yet’ with some facing extremely hard times due to the premature death of a loved one.

So as we start the new year, please take a moment to assess your individual circumstances and ask yourself the all important question:

‘What would happen if…?’

Choosing the right life insurance policy – where do you start?

Start by asking yourself:

  • What do I need to protect?

  • How much cover do I need?

    • What are your family expenses and how would they change if you died?
    • How much would your family income drop if you were to die?
    • How long would your savings last?
    • How much debt do you have?
  • How long will I need cover for?

There are also certain ‘life events’ which will trigger the need to review your life insurance needs.  For details, along with further guidance about the 2 basic types of life insurance available, download a copy of our free guide called ‘Securing Your Financial Future’ – simply complete the form below:

Life Insurance - Securing Your Financial Future

2) Added Value Support

Do you know that many income protection policies come with added value support for both the employer and the employee?

They can often include:

  • Preventative Measures

    Rapid access to assessment for a range of health issues, including muscular problems and mental health conditions.

  • Access To Support Services

    Employee Assistance Programmes, available 24 hours a day though dedicated helplines or interactive online services. Services may include:

    • Finance Matters
    • Relationships
    • Legal Issues
    • Mental Health counsellors
  • Rehabilitation Services

    These often include access to counselling, HR / legal assistance and specific mental health pathways.

If you need support, speak with your employer, or if you run your own business, your insurer to see what is available for you.

3) Business Protection

What if you run your own business and have yet to consider how you can protect against a number of key business risks?

For example, what would happen if you, a partner or director or another key member of staff falls seriously ill, or worse still dies?

This video explores how you can put in place effective plans to counter a range of business risks.

4) Inheritance Tax

No-one wants to hand over too much of their wealth to the tax man!

Have you taken steps to ensure you will pass on your assets to your loved ones in a tax-efficient way?

Inheritance tax is payable on everything you have of value when you die, including:

  • Your home

  • Jewellery

  • Savings and investments

  • Cars

  • Works of art / antiques

  • Other land / property, even if they are overseas

If you would like to learn more about Inheritance Tax planning I have written a separate article called “How To Avoid Inheritance Tax And Leave A Legacy For Your Family”. Click the button below to check it out:

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Summary

This article briefly touches on a few areas to consider when it comes to Securing Your Financial Future. To read more download the full guide by complete the form below.

Life Insurance - Securing Your Financial Future

Remember, when it comes to securing your financial future, there are many areas to explore. If you need any guidance, speak with an experienced Financial Advisor; contact Tony Thomas on 07585 592494 or tony@wealthmasters.co.uk

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