Follow your dreams. With insurance

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27 Feb Follow your dreams. With insurance

You may have read about this tragic story in the newspapers recently. A young couple in the US, Tanner and Nikki had a dream to travel the oceans. So, they sold their worldly belongings and bought a sailboat to follow their dream. Two days into their adventure, their boat capsized and the couple were rescued by emergency services.

Thankfully, no lives were lost and the couple aren’t giving up on their dream. But Tanner, 26, told journalists, ‘I sold everything I had to do this, and I lost everything in a matter of 20 minutes.’

This tragic story highlights the risks we may face in any attempt to follow our dreams. There are inherent risks in everyday life. We should never abandon our dreams because of them; but, we owe it to ourselves and the people we care about, to insure against financial ruin where possible.

At Tandem, we encourage our clients to pursue their dreams. After all, our work with clients is centered on helping them plan and enjoy their own personal adventures. But good planning means we must understand the potential risks, the ups and downs, anticipate possible dangers and mitigate the risks where possible. Having appropriate insurance in place is one way to mitigate any inherent risks in going after your dreams. Here’s a short list of some basic types of insurance we often talk to our clients about.

  • Emergency fund: this isn’t technically an insurance policy, but it’s a slush fund to help deal with some of the occasional curve balls that life throws at you. Typically, we recommend keeping three to six months of expenses in an easy-access account to help with emergencies. Whether it’s the boiler breaking down, or you need cash to help tide you over after being made redundant, the emergency fund can be a lifesaver – literally.
  • Income protection: this is an insurance policy that pays out an income if you’re unable to work because of injury or illness. It usually pays out until you return to work, retire or die – although you can also get short term policies at a lower cost.
  • Life insurance: this is a way to help protect your loved ones financially if you were to die during the lifetime of your policy. It won’t bring you back, but it’ll ease the financial burden for your dependents.
  • Critical illness cover: this type of policy aims to pay out a cash sum if you are diagnosed with one of a list of specified serious illnesses during the lifetime of your policy. For example, a heart attack, cancer or stroke.
  • General insurances e.g. Home, Car, Bike, Boar, Travel or Dental insurance etc. We work a specialist general insurance broker so we can refer you to them if you like. We have found that lots of clients have inadequate Building and Contents (Home) insurance and under insure themselves in this regard. If you would like to review your general insurances – please get in touch.

Pursuing your dreams may be risky, but you should never let that stop you. Instead, you should look to mitigate the risks where possible. That way you can enjoy the adventure, safe in the knowledge that whatever happens, you won’t suffer financial ruin.