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Risk management & protecting your wealth - what is it?

We might not like to admit it, but whilst you work hard to achieve your financial objectives, no one can control how your health impacts those goals. We offer risk management planning; helping you evaluate your risks and prepare for them, so you can achieve all the things you want from life, even if the worst happens.
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What should I consider in risk management planning?

Risk management isn’t a term or phrase we like to use with clients as it just sounds like techy jargon. To explain what risk management is: when it comes to planning your personal finances there are risks to your income. If you don’t have the right protection in place for those risks you could end up having to draw upon your savings or worse get in to debt. There are insurance products like income protection, life cover, mortgage cover, critical illness and much more that mitigate the risks of income shocks to a family. These income shocks could be the inability to work due to health complications or the sudden death of a breadwinner.

What is really important to know, especially people who are managing their own finances, there is a lot of miss-selling in financial services with many of these insurance products available to purchase “off the shelf”.  At Unividual we advise people based on their objectives not simply the financial products available, we are not a “salesy” financial advice business. Income shocks can rip families apart, at a time when you are already dealing with the emotional consequences of a change to your circumstances. Part of the benefit of having a financial adviser is we ensure we only recommend to you what you need, you are not spending money on insurance products that don’t cover every are of your finances and most importantly we are there for you to take care of all the administration and organisation of your finances during a really tough time in your life. This means you are able to spend your time on looking after your family. The ultimate reason you use a financial adviser is peace of mind. Ofcourse there is that old saying about knowns and unknowns: there are some things you don’t know, we are there to fill in the gaps in your knowledge so that you are empowered to make the right decisions about your money because you have all the information available to you.

Talk to our advisers about risk planning

Is the cover worth the cost?

Often in the early stages of our adult lives, we can feel like we are invincible and that nothing will ever go wrong. Only when we reach a major life event that affects people we know, or worse, ourselves, then the reality of health impacts really hit home. If we do not buy into these concepts as soon as possible, eventually, “I will do it tomorrow” will mean that “tomorrow” never comes. We hope that when we put in place risk management products that match your risks, you never need to benefit from the premiums you pay. However, we put them in place so that if the worst does happen, you and your family are fully prepared financially; a cost definitely worth covering.

If you’re thinking about critical illness insurance or income protection insurance, Unividual can help you find the right products to cover your risks. Speak to one of our risk management advisers today.

Plan your income protection & critical illness cover

How to plan your finances when in a relationship

Not everyone in a relationship is in a “2.4 children” situation and it is important you understand what you both want out of life and how you are going to achieve it. Some people do or don’t have children, couples have a choice as to whether they co-habit, get married or have a civil partnership, others have older family members to care for or you might be going through a divorce. Everyone is unique and information on the web can be quite generic. Listen to this interview on Radio Bath with Unividual’s Marketing Director, Cherie-Anne Baxter and Chartered Financial Planner, Greg Harris to help you get started on thinking about how to manage your money and protect your future as a team. Many people in relationships find themselves confused and lost financially when bad things happen to their partner, or when the relationship ends. Knowing how to protect your personal net worth will help you feel more secure no matter what happens.

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