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Family & Personal Protection

The most important part of any financial plan is to ensure that there are secure ground works in place. For example - it’s all very well making significant savings into a pension plan that comfortably outperforms its peer group, but what happens to you and your family if you are unable to continue making those contributions?

 

There can be a misconception that “I’m too young” or “I’m too old” to need any insurance. At Hankley Financial Planning we believe that getting the right insurance in place is paramount to a successful financial plan. What constitutes the “right insurance” is a very personal thing.

Are you young free and single?

With no dependants and perhaps no mortgage, do you really need life insurance?


Possibly not. However, what would happen to your goals and aspirations if you found yourself unable to work for a prolonged period of time due to a severe illness or an accident? How long would your savings last and what help would your employer really provide?

Are you a young couple?

Have you just bought your first house, or are hoping to?

How would things change should something happen to one of you, such as suffering a Critical Illness or premature Death? Could your partner maintain the mortgage payments, rent or savings required to keep things on track without you?

Do you have a young family?

What would be the impact on your family, financially, let alone emotionally, should your income stop?

This could be due to death or a serious or long term illness. Perhaps an accident prevents you from carrying out your work for a number of months or longer?

Have your children grown up & home is now a calmer place?

This could be your most affluent stage of life, your income at its highest and with your children having “flown the nest” your outgoings are at their lowest. Now is the time when you can really ramp up your savings to ensure you meet your retirement goals. But again, should something happen to either of you, those savings could stop and indeed be whittled away before you even reach retirement age. How can you protect against this?

Are you retired & drawing on a pension and other savings?

Would your pension keep paying and at what level if you were to die?

How would this leave those depending on your pension income?

 

Would you like it to be used to benefit your children?

Of course, it is impossible to detail all the various permutations and circumstances that people find themselves in and this is why it is so important to seek professional advice. This will ensure you have sufficient cover for your circumstances without paying for insurance that is surplus to requirements. With this in place you can concentrate on the more enjoyable elements of financial planning, such as watching your savings grow, with the peace of mind that should the worst happen, the financial worry has been taken care of.

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Hankley Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSR reference number 697491
Registered in England and Wales as a Limited Company, No. 9463733
Registered Office: Send Business Centre, 3 Tannery House, Tannery Lane, Send, Surrey, GU23 7EF
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients.
Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk