Surviving financially after the death of a loved one
Breavement is a sad and difficult time for families, and it can be made much worse if the surviving partner is left to cope with money worries. Regular bills like mortgage payments can often be a heavy financial burden if they have to come from one salary instead of two. The death of a partner can mean that families need to pay for services such as extra child care and help around the house.
Whilst it’s tempting to put off thinking about the financial consequences of losing a partner or loved one, figures from the Association of British Insurers show that in 2015, UK insurance companies paid out an average of £9.4m each day to over 128,000 families as a result of claims on protection policies.
A LIFELINE FOR FAMILIES
Thinking about life insurance isn’t the most cheerful or uplifting subject, but it could prove to be the lifeline a family needs. If your children, partner or relatives depend on your income to cover the cost of paying the mortgage or rent and other living expenses, then it makes good sense to think about the protection and peace of mind that life insurance can give.
Those who don’t have life insurance often say they can’t afford the premiums. However, the cost of life insurance is not as expensive as many people seem to think. Life insurance premiums have come down in cost over the last few years, and cover can start at just a few pounds a month.
REVIEWING EXISTING POLICIES
If you have life insurance in place, but it’s been a while since you reviewed the cover it provides, this could be a good time to take another look. If you’ve taken out a bigger mortgage, added to your family or are approaching retirement, then it might be in your best interests to consider reviewing your policy. There may now be more cost-effective policy options available to you.
Here at Logic Wealth Planning we can offer you help and advice to ensure that you have the right protection in place should you or your partner die or find that because of illness you can no longer work. It makes a lot of sense to put proper provision in place now to ensure peace of mind for yourself and your loved ones.
As one of the leading IFA practices in Greater Manchester, Logic Wealth Planning has a team of experienced Financial Advisors specialising in Wealth Management. Working closely with clients in the Heywood, Rochdale, Bury and surrounding areas across the North West, we believe that however modest your income may be, when it comes to Pensions, Savings and Investments we provide the best financial advice, ensuring that your money is working hard for you and allowing you to enjoy a comfortable lifestyle right through to and including your Retirement years. For your first meeting with us – entirely free and without obligation – please call us now on 0808 1234 321. We look forward to hearing from you.