If you ask someone what is most important in their life, the answer will almost always be the same; 'my family'. It is our family we think of first, worry about the most and who provide us with the greatest happiness. The desire to protect those nearest to us, thus, is fundamental.
No-one likes to think that the worst could happen to themselves or any of their loved ones, nor do they like to think that they or their families would struggle to cope financially in such circumstances, but the sad reality and indisputable truth, however, is that this scenario occurs on a daily basis and affects tens of thousands of people each year.
There are very few families, for example, who would not be affected by the loss of the main breadwinner, particularly if there are children to consider, yet it is unfortunately also true that very few individuals and families actually have the protection they need, in the event of a premature death.
In addition, there is often a lack of emphasis placed on the impact of the premature death of the homemaker, because usually, of course, the work the homemaker does is not thought of in equivalent financial terms, but if they were to pass away, there would likely be major monetary implications:
For example, the remaining partner may have to leave or reduce their commitment to work, or a full-time child minder may have to be employed, both of which would have a serious impact on the family's financial well-being.
Alternatively, it may be that you are diagnosed with a serious and debilitating illness, as many thousands of people in the UK are each year. How would you manage financially if you needed to make alterations to your home, or needed long-term medical care?
What if you became unable to work through accident or illness, for a prolonged period? This could have a devastating effect on your family's way of life; indeed, it is estimated that the overwhelming majority of all home repossessions are caused by a loss of income.
In light of the importance of financial protection to individual's and families, we consider it vital that close attention is paid to this area of financial planning, at all times.
Therefore, after ascertaining whether there are any shortfalls in your or your family's protection, we conduct extensive research to find the products which offer you the right protection for your circumstances.
Importantly and unlike many other Financial Advisers, our recommendations, whilst considering cost and affordability, will always focus on the products which offer the best protection, not those which offer the cheapest protection, and we absolutely make no apology for this.