Your Family

It’s not just about protecting your mortgage

It will cost a little over £75,000 for the average couple to raise a child who was born in 2019. Whilst taking the correct life covers will protect a surviving partner against losing a family home, very few people consider how they would be able to maintain their standard of living and deliver an equivalent level of financial security for their children.

Using a family income benefit can provide a tax-free income for the surviving partner to use to bring up the children. The policy is effectively a decreasing term assurance as the total benefit cost to the insurance company is the annual income multiplied by the number of years left under the policy.

Given that the cost of living increases over time you may wish to consider including inflation linking into the annual benefit payable under a family income benefit policy.

Have you made a Will?

Making a Will to ensure that your wishes are followed in the event of your death is also an important element to protecting your family.

Should you pass away without a will you are deemed to die intestate, meaning the government will decide how your assets are distributed (Intestacy Rules). This can cause problems not only because you are not deciding where the assets go but can also cause severe delays in getting money to the right people.

We’re here to help

We’re here to help and answer any questions you may have. Get in touch today to discuss how we can help make you risk resilient and provide financial wellbeing.

covid-19 pdf cover

The Guide to Risk Resilience During COVID-19

We’ve put together a handy guide to help give you some clarity during this uncertain time. Click the link below to access the guide as a free download and get in touch today to speak to one of our friendly advisors.

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