Protecting your family is the number one priority in your life, not least on a financial level. Whilst money might not be the most important thing in the world, poor financial health can lead to a myriad of problems for the entire family.
Financial Protection is a complex arena, which is why you need to cover all the bases. It’s impossible to predict what life has in store. Keeping your finances in good health while you’re alive will certainly build a stronger platform, while other steps can be taken for after you’re gone. Focus on these aspects, and you won’t go far wrong.
While protecting the mortgage repayments to ensure that your family still have a roof over their head is vital, there are plenty of additional living costs that need to be considered, which is why a steady income is essential. But what would happen if you were suddenly unable to work?
Whether self-employed or in traditional employment, Income Protection Insurance is designed to provide a safety net that covers some of your earnings should a medical reason stop you from completing your job. Moreover, claims can be made several times throughout the duration of the policy.
Life and/ or Critical Illness Protection
The commitment to your loved ones should stretch beyond your time on this earth, which is why establishing a sense of stability for after you’ve gone is an essential part of your planning. Life Insurance can be used to pay out a lump sum or provide your family with a monthly income.
However, death isn’t the only issue that may suddenly change your lives. Critical Illness protection covers cancer and life-threatening and life-changing conditions, allowing you to focus on your health and other issues without the fear of being left in financial destitution.
Accident, Sickness and Unemployment Protection
Accident, Sickness, and Unemployment Coverage is another form of insurance that will protect you should you suddenly lose your job tomorrow. Given that studies show most families could not cope with even one month’s loss, this precautionary measure is essential.
As an applicant, you can tailor the plan to cover one, two, or all three aspects mentioned. So, if your employer already offers a great sick pay scheme, you won’t need to add this aspect unnecessarily. The versatility makes this type of coverage personalised and cost-effective.
Buildings and Contents Insurance
If you have a mortgage, home insurance is a legal requirement. However, there are many different options. Buildings Insurance covers the structural property and fixtures while Contents Insurance, which isn’t always an obligation, protects your belongings including electronics.
The two plans can be purchased separately or combined. Whether it’s from a burglary or a natural disaster, knowing that the family home is fully protected, inside and out is a truly reassuring factor. It is important to obtain the right coverage levels to ensure you are truly protected and using an expert in the field will give you added reassurance that you have set things up correctly.