Why Protection Should Be Part Of Your Financial Plan

You never know what the future holds and that is why protection insurance should be part of your financial plan. If you look back over your life you can probably list events that occurred without warning – both positive and negative events.

One example of such event is the COVID-19 pandemic. We had no warning of this event and that our lives would be turned upside down in 2020. We had to adapt to the situation that present itself and we did.

When these types of events happen in life, we want to make sure that you are in a situation where you can shoulder an unexpected blow if one occurs. If you want to save and invest in order to reach your financial goals not being prepared for an unexpected event could prevent you from achieving your goals.

Why protection should be part of your financial plan

Overcome illness without using your savings

How would your family cope financially if you were to pass away suddenly or become too ill to work?

If you were to become seriously ill, or even pass away, your family might be without an income for a time – meaning your savings may become quickly depleted if you don’t have protection in place. Protection options like life insurance and critical illness cover can help protect your wealth against the unexpected. 

With a life insurance or critical illness cover payout, your family could: 

  • Continue to pay your mortgage, meaning they could remain in your family home 
  • Focus on their health and wellbeing in a time of stress, rather than financial worries 
  • Maintain a substantial savings pot instead of depleting your hard-earned wealth.  

Protection can keep your financial plans on track

Whatever the future holds, having protection insurance can keep your plans on track. If you fell ill with a serious illness and had to take a period of time off work to recover, your finances would take a hit. You might have to dip into savings if you weren’t earning money and your pension contributions may also have to halt.

This is where critical illness protection could help, as it would allow you to keep paying into your pension fund if you needed to take time off work to recover. Having the right type of protection in place can give you the confidence to know that illness won’t affect your progress towards your life goals.

When we meet with our clients, we put together a financial plan that creates long-term security and we discuss the different types of financial protection available to them to provide them with peace of mind.

If you would like to learn more about the protection cover available to you and your circumstances then please email us at info@resolvefs.co.uk or call 01932 943028 to speak with a member of our team.

Please note: Life insurance plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse. Plans may not cover all the definitions of an illness. The definitions vary between product providers. Pre-existing illness’s may not be covered and are subject to terms and conditions.

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