Guide to Securing your Financial Future: Protecting the most important things in life should the worst happen

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 future- thinking 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?

Our new Guide to Securing Your Financial Future covers all these areas and others including:

LIFE INSURANCE PROTECTION
The COVID-19 pandemic outbreak has caused many of us to think about our
own mortality. What do we need to consider to ensure our family are adequately protected?

PROTECT THE THINGS THAT REALLY MATTER
Consider the right type of cover in case the unexpected happens.

TERM LIFE INSURANCE
What type of life cover should we be considering?

WHOLE-OF-LIFE INSURANCE
Cover to protect you for life and to provide protection from inheritance tax.

CRITICAL ILLNESS COVER
One in two people will develop some form of cancer during their lifetime. Ensuring you have sufficient protection in place to minimise any impact of suffering a critical illness such as cancer, heart attack or stroke will provide added piece of mind for you and your loved ones.

INCOME PROTECTION INSURANCE
How would you pay the bills if you were sick or injured and couldn’t work?  This explores income protection and why it is so valuable to protect you and your family during your working life.

MAKING A WILL
Have you decided what happens to your money, property and possessions after your death? Writing a will is an essential part of ensuring your assets pass to your chosen beneficiaries.

INHERITANCE TAX
It is key to develop an inheritance tax plan to ensure you pass your assets tax-efficiently to the next generation without undue inheritance taxation being paid.

UTILISING TRUSTS
It is likely as part of an effective inheritance tax plan, trusts may be utilised to earmark and protect assets for future generations while providing valuable inheritance taxation savings.

Download your copy of our Guide to Securing your Financial Future now.

CONCERNED ABOUT PROTECTING YOUR FINANCIAL FUTURE?

The outbreak of the coronavirus may mean you have concerns about your protection plans and whether your income, family, mortgage or health are covered. If you’d like to talk to us about your current situation or ways to protect what’s important to you, please contact us – don’t leave it to chance.

Who are Vizion Wealth?

Our approach to financial planning is simple, our clients are our number one priority and we ensure all our advice, strategies and services are tailored to the specific individual to best meet their longer term financial goals and aspirations. We understand that everyone is unique. We understand that wealth means different things to different people and each client will require a different strategy to build wealth, use and enjoy it during their lifetimes and to protect it for family and loved ones in the future.

All of us at Vizion Wealth are committed to our client’s financial success and would like to have an opportunity to review your individual wealth goals. To find out more, get in touch with us – we very much look forward to hearing from you.

The information contained in this article is intended solely for information purposes only and does not constitute advice.  While every attempt has been made to ensure that the information contained on this article has been obtained from reliable sources, Vizion Wealth is not responsible for any errors or omissions. In no event will Vizion Wealth be liable to the reader or anyone else for any decision made or action taken in reliance on the information provided in this article.

Posted by James Blackham

James particularly enjoys building close relationships with all clients and helping people identify and fulfil their long term financial goals. A highly qualified Financial Planner working towards Chartered status and is also a Pension Transfer Specialist. James is also a partner of Vizion Wealth LLP.

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