Posted on: 13 Jul, 20
Welcome to our Guide to Securing your Financial Future. Life can throw unexpected events and surprises at us when we are least expecting it, as we’ve witnessed with the coronavirus (COVID-19) pandemic outbreak.
We can’t foresee what is waiting around the corner, but we can ensure that we’re financially prepared to protect what are the most important things in life should the worst happen. This means protecting what matters most, whether it’s our family, our income, our mortgage or our health, should the unexpected happen.
It can often be a shock or a horrible realisation in times of stress or unfortunate events that we become aware of our exposure to risk, which can have a considerable financial impact on not only our lives but on those of our loved ones when a crisis or situation arises.
Many families would struggle to make ends meet if a family member developed a serious illness and couldn't work or died. This is why it’s so important to take professional advice to ensure you have the right level of financial protection and insurance in place.
If you have life insurance to provide for those left behind after your death, it’s important to keep paying the premiums, even if you’re tempted to put it on hold to cut costs. You could lose your cover and may struggle to find the same level of cover if you start another policy later on.
There is a growing unease about the economic fallout of COVID-19, with many businesses laying off contractors and putting staff on extended leave, as well as natural worries about contacting the disease.
What this crisis has shown is that being unable to work can quickly turn our world upside down. No one likes to think that something bad will happen to them, but if you can’t work due to a serious illness, how would you manage financially? Could you survive on savings or sick pay from work? If not, you may need some other way to keep paying the bills.
One of the single biggest ways you can protect your family’s financial future is to be futurethinking with your estate. When the time comes we all want our wealth to pass on to those we care about, whether it be our family, close friends or favourite charity. But have we done enough to ensure this happens and will there be much left once the tax man has taken his share?
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