Shielding your family from financial worries

Like for so many of us, 2020 has not been the year we expected. It seems to have thrown everything at us: storms, floods and a global pandemic! I will be 40 this week and I thought I would be with my friends and family celebrating and enjoying the normal life I had come to take for granted. I have learned, however, that the unexpected can reap chaos when you least expect it.

For so many of us the last few weeks have been an anxious time; a juggle of work and childcare, a desire to keep spirits up and an attempt to inject a little certainty into a situation where uncertainty reigns.

However, there have also been some good moments. It has given me the chance to stop and reflect, to really talk and to really listen, to appreciate the very smallest of things and to see my community come together in acts of kindness and compassion. In the dark, I believe that there are always silver linings.

I am a mother of three young children and this current situation has made me reflect on how I can protect them and how I could make their lives easier if anything were to happen to me. I can’t control what is going on around me in the wider world, but I can at least take comfort from knowing that my family will be ok should anything happen to me.

I have reviewed my Life Insurance to ensure that it is adequate, and I have reviewed my Critical Illness Cover and Income Protection to ensure that it remains appropriate for my circumstances. It makes me feel better to know that my family would not face financial woes should the worst happen.

The Critical Illness Cover will provide me with a lump sum pay out in the event I am diagnosed with a serious illness, allowing me to concentrate on continuing to be a mother as well as treatment and recovery. There will be no worries about how I will fund my next mortgage payment.

Likewise, Income Protection is there to provide me with the monthly income I am so used to and will be called upon in the event I am off work for an extended period. In the worst of circumstances, this will continue until retirement and I can be assured of my family’s long-term financial future.

No-one really wants to think about the worst happening, but it helps me to rest easy, knowing that if it did, my family would be protected and would not be burdened by financial worries.

Unfortunately, now more than ever it seems imperative to review your protection needs to ensure that you and your family are safeguarded and have long term security. At Prosser Knowles Associates Limited we can help you to find the best products to protect your loved ones.

This year I will draw my family closer and will be thankful for every moment I have, safe in the knowledge that I have shielded them, as best I can, from some of life’s uncertainties.

For further information, please click here to request a call back from one of our advisers.

Written by: Vanessa Coates – Financial Planning Consultant, Prosser Knowles Associates Limited