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In the first of a new series, Louise Crush of Westgate Wealth Management considers the fundamental need for financial protection
Too often I am met with the assumption ‘it won’t happen to me’ when highlighting the need for financial protection. Although it feels pessimistic, we have to consider that it might – without preparing for all eventualities, we cannot fully protect our own and our family’s financial wellbeing.
Financial protection suffers from the worst reputation of financial products. We all understand the need for a pension but with protection, it can feel like you are paying a monthly premium that (fingers crossed) won’t ever provide you with a return. This can often quickly slip down the list of priorities, especially as we don’t like to confront the reality of death and possibility of serious illness.
Yet, what is less understandable is how, when met with advice around financial protection, it is often dismissed as unnecessary but we have the time and desire to prioritise insuring our belongings and our pets. Are they really more important than securing our own future? Let’s look at a snapshot of the current situation:
Client 1: A widowed client, now aged 59, lives in a mortgage-free property with her son, does not work and has an investment portfolio that provides her with an income. I met this client following her husband’s death. She explained to me that some years ago, her husband had taken advice from me to put in place life cover and subsequently passed away suddenly whilst at work. The policy provided a substantial sum which allowed his widow to position herself so the family remained financially secure for the future.
Client 2: A couple came to see me, both in their 30s. They had recently purchased a property and explained they were expecting their first child. They also explained they had no form of protection in place. The husband was the main earner and had been diagnosed with terminal cancer – he was told he wouldn’t live to see the birth of his child. They asked me what they could do in this situation.
Had they had protection in place, on his diagnosis this would have provided a lump sum to clear the mortgage and given him peace of mind he was leaving his family in a financially secure position and the opportunity to enjoy his final days, with minimal stress. Instead, they were left with the difficult decision of having to sell their house and looking to put the wife and child in a position that was financially manageable, following his passing.
I often reflect on the position of this couple and wish they had spoken to an adviser sooner.
Without protection in place, how will you make sure you can continue paying the bills if you are unable to work due to illness or ensure that you leave your family secure if the worst should happen? Financial protection should be considered as the foundation of your financial plan – without it, everything you have worked for could be lost. Having those difficult conversations now provides you with peace of mind for the future.
So, book your no-obligation financial protection health check with Westgate today:
References: (1) Reaching Resilience: The Role of Protection in Building Financial Resilience, LV=, February 2024 (From a survey of 4,000 nationally representative UK adults). (2) Reaching Resilience: The Role of Protection in Building Financial Resilience, LV=, January 2023 (from a survey of 4,000 nationally representative UK adults).
SJP Approved 20/06/2024
Westgate Wealth Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. The St. James’s Place Partnership and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.
Too often I am met with the assumption ‘it won’t happen to me’ when highlighting the need for financial protection. Although it feels pessimistic, we have to consider that it might – without preparing for all eventualities, we cannot fully protect our own and our family’s financial wellbeing.
Financial protection suffers from the worst reputation of financial products. We all understand the need for a pension but with protection, it can feel like you are paying a monthly premium that (fingers crossed) won’t ever provide you with a return. This can often quickly slip down the list of priorities, especially as we don’t like to confront the reality of death and possibility of serious illness.
Yet, what is less understandable is how, when met with advice around financial protection, it is often dismissed as unnecessary but we have the time and desire to prioritise insuring our belongings and our pets. Are they really more important than securing our own future? Let’s look at a snapshot of the current situation:
Client 1: A widowed client, now aged 59, lives in a mortgage-free property with her son, does not work and has an investment portfolio that provides her with an income. I met this client following her husband’s death. She explained to me that some years ago, her husband had taken advice from me to put in place life cover and subsequently passed away suddenly whilst at work. The policy provided a substantial sum which allowed his widow to position herself so the family remained financially secure for the future.
Client 2: A couple came to see me, both in their 30s. They had recently purchased a property and explained they were expecting their first child. They also explained they had no form of protection in place. The husband was the main earner and had been diagnosed with terminal cancer – he was told he wouldn’t live to see the birth of his child. They asked me what they could do in this situation.
Had they had protection in place, on his diagnosis this would have provided a lump sum to clear the mortgage and given him peace of mind he was leaving his family in a financially secure position and the opportunity to enjoy his final days, with minimal stress. Instead, they were left with the difficult decision of having to sell their house and looking to put the wife and child in a position that was financially manageable, following his passing.
I often reflect on the position of this couple and wish they had spoken to an adviser sooner.
Without protection in place, how will you make sure you can continue paying the bills if you are unable to work due to illness or ensure that you leave your family secure if the worst should happen? Financial protection should be considered as the foundation of your financial plan – without it, everything you have worked for could be lost. Having those difficult conversations now provides you with peace of mind for the future.
So, book your no-obligation financial protection health check with Westgate today:
References: (1) Reaching Resilience: The Role of Protection in Building Financial Resilience, LV=, February 2024 (From a survey of 4,000 nationally representative UK adults). (2) Reaching Resilience: The Role of Protection in Building Financial Resilience, LV=, January 2023 (from a survey of 4,000 nationally representative UK adults).
SJP Approved 20/06/2024
Westgate Wealth Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. The St. James’s Place Partnership and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.
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