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How can we plan for the unforeseen?

27 Nov 2020

unforeseen events

In this blog, as part of our Ask Andy series, Andy Waller, Director of Generation Wealth Management discusses the steps which can be taken to plan for unforeseen and unexpected life events.

I have been working with my clients for over 30 years to ensure their financial and legal matters are in hand. I understand that nobody wants to contemplate their morbidity or mortality, however preparing for illness or death isn’t something that can be done retrospectively.

Having the right level of life insurance or disability cover provides peace of mind, the significance of which can’t be exaggerated.

How common is it for people to be unprepared?

Sadly it’s more common than you think. Sorting life insurance, health insurance and arranging wills seems to be a job which keeps finding its way to the bottom of people’s lists. It may shock you to learn that according to a Macmillan Cancer Support, 42% of the over 55’s don’t have a will – these individuals are actually in the age bracket where a will should be a serious consideration.

Has Covid-19 focused client’s minds?

Put simply, yes. Covid-19 has made us all question our own mortality. Our health and wellbeing has been put in the spotlight and brought the discussion about illness and death to the fore.

Covid-19 has without doubt provided some incredibly stressful and difficult times, but for some, it has also offered the time and motivation to put their financial and legal house in order. Once complete this can actually be a huge stress reliever, knowing that should the unthinkable happen loved ones are cared for and plans are in place provides a real peace of mind.

What are the first steps to planning for the unforeseen?

Many TV adverts over simplify the process, especially when it comes to arranging life insurance and health insurance. Yes you can opt for an off the shelf solution, but if you are taking the time to organise your affairs, it makes sense to do it thoroughly.

For example, there are different types of life insurance for different circumstances; the most appropriate type of cover for a young family will differ to the type of cover recommended for a single mature adult.  There are also other things to bear in mind, such as renewable rates – avoid rates that increase year on year for example.

What should we be mindful of?

We have trained for many years to ensure we offer our clients the best products for them. It is my job to provide peace of mind to my clients, and many struggle to find that peace without good financial and legal advice to reassure them.

We wouldn’t buy a house without a building survey, so it makes sense that we should seek advice from an Independent Consultant to ensure that the type and level of financial/legal cover suits our personal circumstances.

The memory of Covid-19 may fade in the years to come, but the need for financial planning and ensuring your loved ones are looked after needs to stay in the spotlight.

If you’d like to speak to me about your specific requirements – be it for life insurance, health insurance, critical illness cover, or wills – and the sensible first steps please do get in touch.

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