Posted on: 11 Sep, 17
Ensuring that you have adequate financial protection for you, your family and any dependants is an important element of financial planning. As a healthy working person with a good income, you may feel reasonably confident that you are able to provide for your family. However, your finances could be more precarious than you think. No matter what the current economic environment, adhering to a few sound and well-practiced strategies will help you to prepare for the future. While your individual situation will always have its unique qualities, our guide provides suggestions to consider as you review your family’s long-term protection plans.
Financial protection benefits have become more important as financial foundations have shifted, government resources have been strained and costs have climbed. When people need them most, benefits such as disability, accident, critical illness and life insurance protect against financial hardships that can derail their stability. Being prepared for the unexpected will protect you and your family from sudden and long-term financial hardship. It goes without saying that we need to enjoy our wealth today, but at the same time ensure it remains there for us and our family tomorrow.
Planning for what will happen after your death can make the lives of your loved ones much easier. While the word ‘estate’ may conjure images of vast property, it really just means your assets – like your home, bank account and personal possessions. Everyone has an estate, and it’s important to create – and regularly re-evaluate – the plan for what will happen to your property after you’re gone. Making sure you have the right protection strategy in place will help protect your assets, enabling you to pass on your legacy in the most tax-efficient way, rather than with undue financial pressures, to the next generation.
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