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?

 An income protection policy for the household income earner(s) could insure your income until your retirement, even if your condition were expected to be permanent.

 A family income benefit policy is a type of life insurance policy which pays a monthly income to support your family in the event of the death of a parent, providing financial security for the surviving parent and/or children. The premiums for this type of cover are normally relatively inexpensive.

 Life with Critical or serious illness policies can repay any debts you may have if you were to die or be diagnosed with one of a defined list of conditions.

 Private medical insurance may allow faster treatment and get you back to work quicker – this may be particularly important if the household's main earner(s) is self employed!

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 
Or you can message us from this website by clicking here.