Protection Planning
Protecting your Family’s Finances against the Unexpected
What would happen if you were to fall ill, or worse? You will of course want to make sure your loved ones are protected, but many families would struggle to make ends meet if a family member developed a serious illness or were to die. As couples leave it later to have children and the older generation lives longer, many of us confront the dual financial responsibility of considering how loved ones would cope in such an event.
Planning for your family’s future can bring peace of mind that they will be financially stable and their standard of life secured.
Our Protection Planning Solution
Why consider protection?
As a healthy working person in receipt of a good income you may feel reasonably confident that you are able to provide for your family. But your finances could be more precarious than you think which is the reason that we emphasise not just growing your wealth but also protecting your family with insurance.
The most common reasons for setting up financial protection are to maintain your lifestyle and make any debt repayments if you became unable to work due to an accident or illness; and to be in a position to provide for your family if you were to die or develop a serious illness. Protection gives you the peace of mind that your family will be financially secure, whatever the future brings.
Protection framework
We start by getting to know your financial and family circumstances and then carry out stress testing - checking for potential shortfalls or vulnerabilities - running through various scenarios to gauge the impact on your family and their lifestyle, income, capital resources and future aspirations.
Once any potential risks or vulnerabilities have been identified we establish the appropriate levels of protection to ensure that any shortfalls will be covered. The protection framework that we put in place minimises the impact of unexpected events. It may involve new protection or simply restructuring the protection that you already have in place; most importantly it will give you a full understanding of any risks that may affect you in the future.
Ongoing reviews
Your level of protection and insurance policies should be reviewed regularly to ensure they remain suitable. Needs and circumstances change over time, but in general you should contact us to review your protection at the point that your children become independent or a new child is welcomed into the family; you change job or retire; you start up or sell a business; you make lifestyle changes, including giving up smoking; you take out or finish paying off a mortgage or other loan.
Protection plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse.