• Date

    05 Aug 2022
  • Category

    Wealth Management

Ensuring you and your families’ financial security

As inflation continues to be a pressing issue and COVID still prevalent, it’s important to check that you’re protecting your wealth and effectively planning a safety net should the unexpected happen. A critical part of this is to review any existing or possible insurance policies so that there’s peace of mind in relation to ongoing bills and other expenses.

What to consider with your insurance

Your personal circumstances and needs will have almost certainly changed over time. Perhaps you have children who are financially independent, or you have paid off your mortgage.

You may also be entitled to benefits with your current employer that either overlap with polices you already have or leave things now important to you not covered.

How the plans are set up is significant too. For example:

  • Are they written under a Trust?
  • Who are the beneficiaries?
  • Are they tax efficient?

It could be time to review these policies, how they are written, and the level of cover they provide, to make sure they are still suitable.

The following insurances help to protect against financial difficulty and provide comfort to you and your family:

  • Term Assurance – cost effective, fixed-term life assurance which can be used to pay off a mortgage in the event of death. ‘Term assurance’ policies provide life cover for a fixed period of time – 10 or 20 years, for example.
  • Critical Illness Cover – pays a cash lump sum if you are diagnosed with any of the illnesses your policy covers (this insurance usually forms part of a wider insurance portfolio). It’s designed to help support you and your family financially while you deal with your diagnosis, so you can focus on your recovery without worrying about how the bills will be paid.
  • Income Protection – replaces lost income in the event you are off work through illness or injury. They are vital policies for those with dependents and liabilities, paying out until you can start working again, or until you retire, die or the end of the policy term – whichever is sooner. They cover most illnesses that leave you unable to work, and you can claim as many times as you need to while the policy lasts.
  • Whole of Life Insurance – this cover runs throughout your life and will pay out a cash lump sum in the event of your death – often used to help pay inheritance tax bills

You may already have protection plans in place, but it is always worth reviewing them as your circumstances may have changed, your priorities shifted or there may be unnoticed gaps that can be bridged.

Putting in place sufficient protection will give you peace of mind if the worst does happen.

We are here to help

Our dedicated Wealth Management experts are here to guide you through all your options and to help you make the right choices to ensure financial security.

For further information, please get in touch with your usual Azets advisor or a member of our Wealth Management team.

Azets Wealth Management is a trading name of Azets Wealth Management Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS. Company Number 05674020. Incorporated in England. Azets Wealth Management Limited is a subsidiary of Azets Holdings Limited.

About the author

Mark Parkinson Photo

Mark Parkinson

Partner Newcastle
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