At Populo we believe that sound financial planning starts with assessing your protection needs.
Many in financial planning focus on accruing money to finance future goals, whilst this is sensible it relies on your ability to earn and grow your savings as you anticipate. What if something changes?
Ensuring you have the appropriate protection if place for you and family will mean that in the worst of situations you won't necessarily have to choose what to give up.
Below are the main areas we look at when considering protection requirements:
Term Assurance and Whole of Life
Term Assurance provides life and/or critical illness cover for a fixed period of time. It can fulfil a variety of functions, from repaying borrowing like a mortgage, or providing income for a family who have lost someone, securing their financial security.
Whole of Life is a different cover that runs as long as you. As this kind of policy doesn't expire, its use is different to that of Term Assurance. Most commonly a Whole of Life policy is used to help beneficiaries meet the cost of any inheritance tax they may face.
Although you may benefit from statutory sick pay, the benefit doesn’t last long and it may be nowhere near the level of income you are used to and require. Many people find themselves unable to work for prolonged periods at some point in their careers and Income Protection is there to support if this happens.
Private Medical Insurance
Although the NHS is highly valued, sometimes there can be long waiting times to get things sorted out. This can often lead to prolonged periods off work, when many individuals find their earnings reduce. Private medical has the potential to get you sorted out and back up and running faster, lessening the difficulty experienced.