DO YOU HAVE A SAFETY NET FOR YOU AND YOUR LOVED ONES IN CASE THE UNFORESEEN HAPPENS?

Most people prefer not to consider unexpected misfortune when thinking about the future. However, being prepared for life’s uncertainties is essential to protect your family’s way of life. Financial security provides a safety net for your loved ones if you face illness, injury or an untimely death. But understanding the right cover to meet your needs can be complicated and daunting.

Without a plan, the financial impact on your family could be considerable if a steady income stream is interrupted. This is especially true for those who are self-employed or retired, as employer-provided protection often no longer applies. To safeguard your family’s lifestyle, preparation and the right financial solutions are essential.

DETERMINE YOUR ESSENTIALS BEFORE ANYTHING ELSE

Consider your family’s daily living costs, including mortgage payments, council tax, utilities and groceries. Ensuring these essentials are covered guarantees they will be cared for, even in the worst-case scenario. Beyond this, think about the extras your family enjoys. From holidays and social outings to memberships and events, these lifestyle elements can also be protected with the right plans.

Once your essentials are taken care of, you can begin exploring personalised plans for debt repayment, future family priorities or educational goals. The approaches vary depending on individual circumstances, but the constant is the peace of mind that financial protection provides.

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This article does not constitute tax, legal or financial advice and should not be relied upon as such. The Financial Conduct Authority does not regulate estate planning, tax advice or trusts.