Today our insurance adviser Geoff Thorpe is representing Charles James Financial Planning at the Zurich Insurance Masters, an annual event to find the best golfer in the broker market! This Sunday is also Insurance Awareness Day, a day designed to remind us it is always wise to have a back-up plan, and so it is a good time to think about why you need insurance.
1) protect your home and possessions
A surprising number of people take risks with their building and contents insurance, either choosing not to take out cover for one or both or having insufficient cover for their needs. However, this is a false economy. Imagine the emotional and financial costs for your family should you need help following fire, theft, or contents / building damage. Seek advice to find the best deal and protect the life you have spent years building.
2) Plan for the unexpected
We would all like to think our time will come following a long and fulfilled life, with our mortgage paid, debts settled and accounts in order. But what would happen to your family if you had a serious accident or suffered from a prolonged or terminal illness? Life assurance, critical illness cover and income protection plans are all worth considering to ensure your family will not be left struggling financial if anything happened to your or your income.
3) Cover Burdensome Cost
If the worst happened would you be leaving debt behind from a mortgage, loans or credit cards? Life insurance can cover any financial responsibilities so your family does not have to struggle under any additional financial burden. Life insurance can also cover funeral expenses so that your loved ones do not have to find any significant lump sums to cover costs.
4) Protect Your Business
If you are a business owner or partner, life insurance can help protect your business in the event of your death. This is crucial for businesses of any size to keep operations running and cash flowing while it adapts and makes necessary changes.
5) Peace Of Mind
Alongside making a will, making sure you have adequate insurance to cover all areas of your life and protect your family will give you considerable peace of mind. While the options may seem daunting, seeking advice and reviewing your cover on a regular basis could be one of the best financial decisions you ever make.