Ask people what they believe to be their biggest asset, and many will say their home, but what about themselves? Although you might not necessarily think of yourself as an asset, but picture this: if at 30 years old, you worked full time, earnt the UK average of £30,420 a year and retired at 67, you would have earnt £1,125,540! And that doesn’t even take into account increases in salary.
You may be thinking when the right time is to consider financial protection and the answer is now! Our circumstances are constantly changing, and this has been emphasised during the current pandemic where we have had time to focus on our needs for the future and what would happen if you were to suffer an illness or even die. According to a report from Royal London just 27% of consumers are confident they have sufficient cover- how long would your savings last if you were unable to work or how much would be required for your family to continue their current lifestyle if you were not around?
As a healthy adult you may not realise the importance of protection, but this is why our experienced advisors at Gilson Gray will highlight the importance on not just growing your wealth, but also protecting your family with insurance.
We don’t often plan for sickness, accidents or death of a loved one or business partner. It’s not an easy topic to think about, so it is understandable. However, it’s critical that contingencies are in place should something happen. But do not fear, there are things you can do to give you peace of mind that you and your loved ones will remain looked after.
As life stages change so do our protection needs, from when we leave home, start our first job and perhaps buy a house, our protection needs to start to increase, but tend to be ‘individual’ in nature. If you then marry and/or have kids, these needs become more focused around providing for others, such as a spouse, partner and children. Later in life we may want to transfer wealth to our family and may well need to consider ways to mitigate potential inheritance tax liability.
At Gilson Gray financial management we aim to help build our clients’ financial resilience by providing the highest quality advice and finding the right protection products to fit their needs and budget perfectly. Don’t delay and get started now so you and your family can be protected, and you can concentrate on enjoying life!
If you would like further information on the topic discussed in this blog, please contact:
Rebecca by email : email@example.com
The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray Financial Management.