PERSONAL PROTECTION
You don’t buy life insurance because you are going to die, but because those you love are going to live.
Life can be exciting, challenging and rewarding as we progress in our careers, start new families, buy the home of our dreams and spend our valuable time with the people we love.
Life is a balance however and just as it can be hugely rewarding, it can be equally challenging.
Whilst we cannot prevent those difficult times from happening, we can ensure that your family is in the best financial place to cope when they do.
Factors we need to consider
WHAT
MORE
- What do you need to protect (i.e. a mortgage, loan or an income)?
- On What event would you require the protection (i.e. death, illness, accident etc.)?
- What do you currently have in place as a plan to meet your needs (i.e. existing insurance plans, savings, other assets or nothing)?
- What provision will you receive through your employer (i.e. Death in Service cover, Sick Pay, Critical illness cover etc.)?
- What impact will your current plans have on your estate in the event of death (i.e. will they create a tax liability, will the funds be there for your loved ones when required etc.)?
- What would be the potential consequences for you and/or your family, of taking no further action?
WHEN
MORE
- When would you need the protection to start?
- When would you require the protection until?
- When do you feel that your need for protection will increase or decrease (i.e. starting a family, moving home, pay off mortgage)?
- When will you or your family need the benefits from any protection plans?
HOW
MORE
- How would you like to provide for yourself and/or your family in the event of death, serious illness, accident etc.?
- How well do you feel that your current planning will meet your needs?
- How do you feel about relying on your employer’s benefits?
- How much can you afford (on an ongoing basis) towards meeting any shortfalls in your protection planning?
So how do we approach this journey?
Identify your destination
Firstly we need to ascertain how would you like you and or your family to be provided for in the event of death, serious illness or accident.
Where are you now?
Once we understand where you want to get to, it is important to assess where you are now in terms of existing protection and how a death or long term incapacity could affect you and your family. It may be that you would manage ok in all areas, some areas or that you or your family may struggle financially in all eventualities.
How did you get here?
Once we have plotted where you are on this journey, it is useful to understand how you arrived here and to review your existing planning. Whilst it may not get you to your destination as things stand, making changes to existing plans could be sufficient and a cost effective way of continuing your journey.
How can we get you there?
Once we have a good understanding on where you are and how you got here, we can assess the available options and make the best recommendation on how you can get the cover you need for your specific circumstances. This may be recommending changes to existing plans, recommending new plans, or a combination of both.
Service stops
As with all advice, whilst we can consider the future and potential life changes in our recommendations, life has a habit of creating changes that are unexpected. By reviewing your plans regularly, we can ensure that your cover remains suitable for your needs, regardless of what life throws at you.
Reviews
Contact
E: graham@woldsfinancialplanning.co.uk
T: 07980 568 407
A: 56 The Mile, Pocklington, York, YO42 2HG