Do something today that your future self will thank you for
Help with retirement planning, investments and mortgages are common elements of financial advice that people are familiar with. However, we have already seen that the current world we live in has created an influx of people looking for specific areas of financial advice. People are starting to realise how vital it is to plan where your wealth goes when you pass and to protect family income in the event of sickness. Our financial advisers find that clients, at first, do not always understand the importance of implementing family protection within their financial planning. This compares with the national correlating statistic that less than one third of the UK population have life insurance, which is a policy that protects your life and pays a lump sum to your loved one in the event of your death. This helps them to pay the bills so they can afford to enjoy their life without your income stream. Even though life insurance is one of the cheapest protection products available, many people believe it is not worth the monthly premium because they believe that, like income protection, it will simply not be needed. But as Greg says, the financial adviser I work alongside, “insurance is one of those funny things, someone never thinks they are going to need it. Then when the unthinkable happens they wish they had it, only it will be too late.” Millions of people don’t have life insurance or adequate protection, that is not the sort of crowd you want to be part of.