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Change is inevitable. It’s just a part of life. Some changes you can predict, while others you simply cannot. But that doesn’t mean you can’t have a plan in place to help mitigate the impacts and protect your wealth should something change in your life, like your career, your health or even your family situation.
Fortunately, there are many wealth protection strategies you can use to protect your nest egg. These strategies can help you gain peace of mind knowing that you’ve taken the necessary steps to secure your financial future, alleviate any unnecessary financial stress on your family and ensure the full value of your assets are protected for future generations.
There are numerous options for financial protection for you to choose from. The right one for you depends on your circumstances, hence why seeking help from a financial adviser is important to help you make the right choice. Whether you want leave a sum for your family upon your death or ensure you have an income should you be unable to work, there is a plan out there to help you protect your wealth.
Life Insurance
Nobody likes to think of the worst, but we can help plan for the future so that, should anything happen to you, your loved ones are protected. Getting the right life insurance policy means working out how much money you need to minimise the financial impact that your death could have on your family. This sum must take into account their living costs, as well as any outstanding debts such as a mortgage.
Whole of Life Insurance
You should consider whole-of-life insurance if you’re thinking about leaving a legacy for your family, Inheritance Tax provision or protecting your business after you’re gone. Because it's guaranteed that you’ll die at some point (and therefore that the policy will have to pay out), these policies are more expensive than term insurance policies, which only pay out if you die within a certain time frame.
Critical Illness Cover
If you were diagnosed with a critical illness, would you be able to cope financially? It’s easy to think ‘I’d cope, that’ll never happen to me’ but most of us know someone either directly or through friends and family that has been affected. Critical illness cover can help minimise the financial impact on you and your family if you become critically ill. It’s an option that can also be added for an extra cost to some life insurance policies.
Income Protection Insurance
Being unable to work can quickly turn our world upside down. Could you survive on savings or sick pay from work? If not, you may need some other way to keep paying the bills – and you might want to consider income protection insurance.
You might think this will not happen to you and of course we hope it doesn't, but it's important to recognise that no
one is immune to the risk of illness and accidents, so this type of insurance is well worth considering.
Private Medical Insurance
When life throws you an unexpected challenge, fast diagnosis and treatment are what matter most, along with genuine help, support and understanding. Nothing is more important to you than your health, and the health of your family. Private medical insurance gives you access to private healthcare for conditions that develop after your policy has started. One of the main benefits of private medical insurance is the speed of access to medical treatment. Even if you have access to free NHS care, private medical insurance can help you feel more in control of when, how and where you’re treated.
No matter what stage you are at in your life, whether you are buying your first
property, starting a family or looking to support your retirement, protection
should be a key part of your financial planning. If this is something you are considering, please contact me either on 07774 264356 or at nkidby@chilternconsultancyltd.com
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