It is that time of year when we meet up with our families, over eat and catch- up with relatives who, perhaps, we only see once a year. As a Financial Advisor, one of the things I ask people is what is most important to them and eventually, after mentioning their car or their I Phone, I get the answer that it is their loved ones, of course! However, interestingly, our families and our dependents, generally, are the very areas of our lives that we insure least! The health and the financial well-being of one’s family cannot be overstated yet the truth is that many of us are more willing to insure our pets, our cars, our  possessions and even  the’ Sky ‘satellite dish instead of spending a few pounds a month on a Life, Critical Illness or on an Income Protection Plan.

Life Insurance is probably the easiest to understand: essentially you leave your loved- ones a lump- sum upon your death so, automatically, you are then ensuring their on-going financial security. This is vital in cases where a mortgage may require two incomes to service its repayment or where one partner is the wage-earner whilst the other one does the really hard job of looking after the family at home! Critical Illness, however, is paid upon the diagnosis of an illness which affects your ability to work, ensuring you of an income in those circumstances.  The preferred plans are called ‘Own Occupation’ plans; these are specifically linked to being unable to fulfil a particular, specified occupation. Most plans now are on a ‘term’ basis. This means they run to a specific age and you pay a set amount a month.

I have a young family myself so I understand why you may want to channel this money into other areas, however, as a professional, I get very anxious at how vulnerable people leave themselves and their families if the worse should happen. All insurances can be tailored around a budget which can then be boosted if finances become less tight; so this Christmas have a look around the dinner table and think about getting yourself and your family protected in 2017 with a good, affordable Protection Plan. It may be the best Christmas Present you can give! ….and yes, I know it’s a depressing subject for Christmas ….sorry!

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