When you sit down to outline your financial plan the first topics that probably spring to mind are pensions, savings, and investments. Often overlooked, financial protection should also be a solid part of your plan.
Protecting your finances comes in the form of insurance policies that pay out under certain circumstances. These policies are there not only for the security of your finances but also for your loved one and your own peace of mind. Your priorities and circumstances will determine which insurance products are the best suited to you.
So often in life, things do not go according to plan. By expecting the unexpected, you will be in the best position to avoid financial vulnerability. It is always a sound idea to keep some savings back in case of emergency but protecting your finances is another way for you to cast your safety net even further.
Ask yourself if you could survive for the next six months if you were to stop working today. Whether you would find yourself struggling. An insurance policy would be able to provide the help you need, meaning that you would not have to worry about being able to afford the essentials during what could be a tough time.
When you are struggling financially due to taking time off for your health, it can be very tempting to go back to work sooner rather than later. Income protection will allow you to have some breathing space where you can take the time you need to recover or to make necessary adjustments. Some accidents or illnesses will leave a long-term impact, while financial security can cushion your fall so you don’t have to rush into making life changing decisions.
You are already thinking about financial planning, making sure that detailed plan also includes protection will put your mind at ease. Taking out an appropriate policy is the first step to making sure you can stay on track financially even when things go off course.
What or who are you the most worried about if something unexpected were to happen? Some people may be worried about their family struggling to keep up with the mortgage payments. Others worry about how their family will stay afloat without an income to rely on. Investing in insurance can ensure that who and what is most important to you will stay protected.
It will depend on the provider you go with as to how much financial protection will cost you. Payments need to remain up to date to keep the coverage valid. Once you have a decent level of protection in place you can investigate the rest of your financial plan. Securing your finances will give you confidence in knowing that even if something unexpected pops up, you can still stay on track.
Having no security can put you at a higher risk, and you could end up paying through the roof for it down the line.
Speak to one of our Wealth Managers today about Financial Planning and how to implement the necessary security measures. Private Client Consultancy Insurance offer a range of products for the benefit of yours and your loved one’s protection.
Contact us today for more information.
Disclaimer: Tax laws, rates, and reliefs are subject to change and may vary depending on individual circumstances and residency status. Any information provided on this website is based on our understanding of current regulations (or the date of when the content was published) and should not be considered personalised financial or tax advice. As tax obligations can differ across regions, countries and evolve over time, we strongly recommend seeking professional advice tailored to your specific situation before making any financial decisions.
Wealth Management With
Peace of Mind
All content © Private Client Consultancy. All rights reserved. 2025
Get notified about new articles, latest changes and much more