Family Protection
A Family
With a family comes arguably the period of highest responsbility of your lifetime.
Typically your obligatory outgoings will be high at this phase, with your mortgage and the costs of family life absorbing large amounts of your income. The need to save toward the future demands of your children's higher education costs and your own retirement may push your disposable income still lower. You may be down to one income earner in the household, with a loss of these earnings a potentially disastrous event.
On the positive side most of us are relatively young at this phase of life and, medical data and underwriting permitting, your insurance premiums may be relatively inexpensive. Taking guaranteed premium policies can ensure that they remain level throughout your life.
Consider the pointers below, but remember this page is for information only and the list of risks mentioned are certainly not exclusive. We strongly advise taking financial advice before taking any action.
We strongly recommend that anyone with dependent children should make a will
If you were to die, would your estate reach those you intend? Who would be your childrens' guardian if both their parents were gone? Although the law is there to protect children in such circumstances there's no guarantee the persons chosen would be those you would chose yourself. For more information on will writing, click here.
What if the household income stopped? What if the main earner were injured or sick for an extended period, or even died...? Even if you have your mortgage insured for life, would the remaining income be enough to meet the family's needs?
Also, now might be a good time to start putting money away for university fees. And don't neglect your retirement planning. Paying extra into your pension later in life to "catch up" missed years and gain the retirement income you'd like can be extremely expensive - an independent financial adviser can consider all these areas with you and help you prioritise.
Next Steps
If you wish to take advice or simply wish to discuss the
options, do feel free to contact us.
| Telephone: | 02920 009 479 |
| email: | enquiries@whitchurchifa.co.uk |
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The content of this website is intended for private individuals and introducers in the United Kingdom only. It is intended to provide generic information only and constitutes neither financial advice nor an offer to provide financial advice. We strongly recommend that all parties seek professional financial advice before taking out, funding, amending, crystalising, taking income from or cancelling any financial policy, product, instrument, contract or commitment. If you would like to seek advice on any of the aspects mentioned on this website from us please click here to contact us.
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