Personal Protection Episode 2: Protecting yourself and your family

The last few weeks have shown us just how quickly the unexpected can happen and the impact that it can have on our everyday lives.

The UK lockdown measures have put a tremendous strain on us all both as individuals and to the UK economy. We all have more time on our hands, and you may want to start thinking about your financial planning.

In our second blog in our Personal Protection series, we look at the importance of reviewing insurance policies so that your loved ones have peace of mind that there will be enough money in place to cover bills and other expenses should the unexpected happen.

It is crucial to make sure you review and are happy with the level and structure of your cover. Our objective and personal approach to protection planning allows you to take comfort in the knowledge that everything has been taken care of.

Time to review

Your personal circumstances and needs will have almost certainly changed over time. Perhaps you have children who are financially independent, or you have paid off your mortgage.

You may also be entitled to benefits with your current employer that either overlap with polices you already have, or leave things now important to you, not covered.

How the plans are set up is important too. Are they written under Trust? Who are the beneficiaries? Would they cause any tax issue?

It could be time to review these policies, how they are written, and the level of cover they provide, to make sure they are still suitable.

We can help you review your situation and discuss what insurances you may need:

  • Term Assurance – cost effective, fixed-term life assurance e.g. used to pay off a mortgage in the event of death. ‘Term assurance’ policies provide life cover for a fixed period of time – 10 or 20 years, for example – and are often used in conjunction with a mortgage.
  • Critical Illness Cover – pays a cash lump sum if you are diagnosed with any of the illnesses your policy covers (this insurance usually forms part of a wider insurance portfolio) It’s designed to help support you and your family financially while you deal with your diagnosis, so you can focus on your recovery without worrying about how the bills will be paid.
  • Income Protection – replaces lost income in the event you are off work through illness or injury. They are vital policies for those with dependents and liabilities, paying out until you can start working again, or until you retire, die or the end of the policy term – whichever is sooner. They cover most illnesses that leave you unable to work, and you can claim as many times as you need to while the policy lasts.
  • Whole of Life Insurance – this cover runs throughout your life and will pay out a cash lump sum in the event of your death – often used to help pay inheritance tax bills

Protecting yourself and your loved ones

You may already have protection plans in place, but it is always worth reviewing them as your circumstances may have changed, your priorities shifted or there may be unnoticed gaps that can be bridged.

Putting in place sufficient protection will give you peace of mind if the worst does happen.

Other blogs in this Personal Protection series

Episode 1: Financial Planning during COVID-19

Contact us

At MHA Tait Walker Wealth Management, we are passionate about supporting our clients with their financial goals. We have over eighty years’ experience in providing our clients with the highest quality services which includes protection as well as investments.

For further information or to find out how we can support you please contact us.

Mark Parkinson, Wealth Management Partner – mark.parkinson@taitwalker.co.uk
Steven Whitehead, Financial Planner & Secured Lending Specialist –steven.whitehead@taitwalker.co.uk
Deborah Trelease, Chartered Financial Planner – deborah.trelease@taitwalker.co.uk

Tait Walker Wealth Management is a trading style of Tait Walker Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Company Number 5674020. Incorporated in England. Tait Walker LLP trading as MHA Tait Walker Wealth Management is a member of MHA. MHA is an independent member of Baker Tilly International Limited, the members of which are separate and independent legal entities.