Given the current situation during this difficult and unsettling time with coronavirus (COVID-19), it\u2019s important to think about how secure the future of your family or business would be in the event that you were no longer around.
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Understandably, we would rather not think of the time when we’re no longer around, but this crisis has highlighted the importance of protecting the things that really matter \u2013 like our loved ones, home, lifestyle and business \u2013 in case the unexpected happens.<\/p>\n
The outbreak of the coronavirus may mean you have concerns about your life insurance and whether you\u2019re covered. If you have life insurance to provide for those left behind, or to cover business loans after your death, it\u2019s important to keep paying the premiums, even if you\u2019re tempted to put it on hold to cut costs. You could lose your cover and may struggle to find the same level of cover if you start another policy later on.<\/p>\n
Full replacement value <\/strong> Life insurance provides a safety net. Ultimately, it offers reassurance that your family and business would be protected\u00a0financially should the worst happen. We never know what life has in store for us, as we\u2019ve seen in recent weeks with the outbreak of COVID-19, so it\u2019s important to get the right life insurance policy. A good place to start is asking yourself three questions: What do I need to protect? How much cover do I need? How long will I need the cover for?<\/p>\n Ask yourself<\/strong><\/p>\n Who are your financial dependents \u2013 your husband or wife, registered civil partner, children, brother, sister, or parents?<\/p>\n What kind of financial support does your family have now?<\/p>\n What kind of financial support will your family need in the future?<\/p>\n What kind of costs will need to be covered, such as household bills, living expenses, mortgage payments, educational costs, debts or loans, or funeral costs?<\/p>\n What amount of outstanding business loans do I have now?<\/p>\n Financial safety net<\/strong> That’s why obtaining the right professional financial advice and knowing which products to choose\u00a0\u2013 including the most suitable sum assured, premium, terms and payment provisions\u00a0\u2013 is essential.<\/p>\n No one-size-fits-all solution<\/strong> As you reach different stages in your life, the need for protection will inevitably change. How much life insurance you need really depends on your circumstances \u2013 for example, whether you have a mortgage,\u00a0you\u2019re single\u00a0or have children, or you have business loans that you are liable to pay.\t\t<\/p>\n","protected":false},"excerpt":{"rendered":" Projecting ourselves into the future to see what\u2019s around the next bend is not an easy thing to do Given the current situation during this difficult and unsettling time with coronavirus (COVID-19), it\u2019s important to think about how secure the future of your family or business would be in the event that you were no … Continue reading “How secure is the future of your family or business?”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3061","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/3061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/comments?post=3061"}],"version-history":[{"count":0,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/3061\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/media?parent=3061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/categories?post=3061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/tags?post=3061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFor many of us, projecting ourselves into the future to see what\u2018s around the next bend is not an easy thing to do. However, without thinking, we insure our cars, homes and even our mobile phones \u2013 so it goes without saying that you should also be insured for your full replacement value to ensure that your loved ones and business are financially catered for in the event of your unexpected death. Making sure that you have the correct type and level of life insurance in place will help you\u00a0to financially\u00a0protect them.<\/p>\n
\nIt may be the case that not everyone needs life insurance. However, if your spouse and children, partner or other relatives, or business depend on you to cover the mortgage, other living and lifestyle expenses, or business loans, then it will be something you should consider. Putting in place the correct level of life insurance will make sure they’re taken care of financially.<\/p>\n
\nThere is no one-size-fits-all solution, and the amount of cover \u2013 as well as how long it lasts for \u2013 will vary from person to person. Even if you consider that currently you have sufficient life insurance, you may probably need more later on if your circumstances change. If you don\u2019t update your policy as key events happen throughout your life, you may risk being seriously under-insured.<\/p>\n