Providing adequate financial protection for your family or business should be at the heart of your financial planning. If you are employed, you and your family may have financial protection provided through your employer. Even then you are likely to have gaps that need filling. If you are self-employed it is up to you to make sure you have adequate and appropriate cover in place.
Most people rightly consider life cover, and it is usually available at a very low cost. Death before retirement is both untimely and a shock that usually leaves a financial shortfall for any surviving spouse and their children. Equally diagnosis of a critical or long-term illness can be devastating. Adequate financial protection will ensure that you and your family will not have to worry about financial matters.
When calculating what level of life cover is necessary you need to consider the level of any outstanding mortgage or loans and possibly Inheritance Tax. And there are other details to pay attention to. It is commonly overlooked, for example, that couples not married or in a civil partnership do not enjoy the usual Inheritance Tax exemptions.
A high proportion of people will be out off work either through long-term illness or injury at some point during their working life. The loss of the main earner’s income can be devastating for both them and their family. Most employers stop paying their employees after a few months. Setting in place an income protection policy will make sure that you and your family are able to maintain a decent standard of living and continue to pay the usual household bills as well as mortgage payments, school and university fees, and building a fund for retirement.
Deciding the term of cover and the appropriate level of protection depend upon individual circumstances. PSFM advisers can assist you with this.
Structure your assets and your income in a tax-efficient way
Get in touch and we can help to put you in touch with the Planner who is right for you. There are many ways you can contact us. Call or email for general enquiries, for something more specific use our enquiry form.