Protection Planning

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More Britons insure their homes than their lives

Ensure your financial security for when you might need it most. There are a number of reasons why you might need life cover and critical illness cover.

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Preparing for the unexpected

When you think of financial planning, pensions and savings will spring to mind. But, whilst often overlooked, protection should be a core part of your financial plan.

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Protecting family wealth

If you’ve worked hard throughout your lifetime to grow your wealth, you may hope it will help to safeguard the financial security of your loved ones after you’ve gone. But without careful planning in your lifetime, you could leave them with less than expected after the Inheritance Tax bill is paid.

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Have you planned for the unexpected?

Buying a property is usually the biggest financial obligation many of us will take on in our lifetime, and it’s an obvious moment to pause and consider our protection needs.

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Lifestyle protection

The world of work has changed enormously over the past 20 years. Being self-employed, freelance or working on a contract basis has become the norm for all sorts of professions.

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Do you have protection if the worst should happen?

Britons are woefully under-protected should serious illness strike, according to new research. Despite more than a fifth (21%) of people admitting their household wouldn’t survive financially if they lost their income due to long-term illness, fewer than one in ten (9%) have a critical illness policy. People are, in fact, more likely to insure their mobile phones (12%) than to protect their own health.

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Protecting your family’s finances

There are many things to consider when looking to protect you and your family. It may not be the most exciting of subjects, but it answers one of our most basic desires – to keep safe all that we hold dear.

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Protecting your estate for future generations

If you struggle to navigate the UK’s Inheritance Tax regime, you are not alone. Whether you are setting up your estate planning or sorting out the estate of a departed family member, the system can be hard to follow. Getting your planning wrong could also mean your family is faced with an unexpectedly high Inheritance Tax bill.

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Protect the things that mean the most to you

The lifestyle of our loved ones may be seriously compromised if we die. However, very worryingly, more than 2.4 million cohabiting families across the UK – the fastest-growing family type in the country – do not have life insurance, potentially leaving their loved ones open to financial problems once they pass away, according to new analysis.

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Financially unprotected

What would happen to you and your family in the event of unforeseen circumstances, such as the diagnosis of a serious illness or premature death? Worryingly, research from Scottish Widows reveals that more than half (53%) of men in the UK with dependent children have no life cover, meaning that 3.9 million dads are potentially putting their family’s financial security at risk if the unexpected were to happen.

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It won’t happen to me

Only one in five UK people have income protection cover in the event of becoming too ill or disabled to work according to research published by insurer Zurich. This is despite the fact that as many as 42% have experienced
income loss in their working lives due to serious illness. The findings indicate that people still have an ‘it won’t happen to me’ attitude despite having suffered the consequences first-hand.

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Life insurance

Getting the right life insurance policy means working out how much money you need to protect your dependants. This sum must take into account their living costs, as well as any outstanding debts, such as a mortgage. It may be the case that not everyone needs life insurance (also known as ‘life cover’ and ‘death cover’). But if your spouse and children, partner, or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is ‘yes’.

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Protecting your finances and well-being

It’s easy to think that we will never be diagnosed with a critical illness, particularly when we feel healthy and energetic, but we can fall ill with very little warning. A critical illness can have a serious impact not only on your own life, but also on the lives of your children, spouse or partner. So it’s important to make sure that you financially protect yourself and your family

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Protection matters

It goes without saying that protecting your family should underpin your financial plan, but, despite this, one in five (21%) people admit their household would not be financially secure for any length of time if it lost its main income through unexpected circumstances.

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The critical factor

Although we’re four times more likely to claim on a critical illness policy than a life insurance policy before the age of 65, fewer than one in 10 (8%) of us have critical illness insurance, and only a third (33%) have life cover, according to Scottish Widows.

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