Financial resilience is the ability to recover quickly from an unexpected financial shock. Many of us insure our homes and cars without really thinking about it, but far fewer insure their lives and incomes. And yet, if you were to pass away, how would those you leave behind be able to manage financially? If you were unable to work due to illness, how would you find the money to pay your household bills? Savings can and do help in the short-term. But what happens when they run out? What happens if an illness goes on for three, six, or even 12 months? What then? Covid-19 has focused many people’s minds on the need for an adequate rainy day fund and financial protection. While nothing can ease the emotional distress the virus has and is continuing to cause, it is possible to lessen its financial impact on those affected and their loved ones. Life and health insurance protection underpins most good financial planning.
Insurers are constantly looking at new ways to meet people’s needs, such as through life insurance that includes critical illness and/or income protection insurance, which may be cheaper than taking out separate policies. It is important to look at your options – what do you need most now? How much cover do you need? Can you defer some cover until a future date? What can you do to protect yourself and your loved ones financially in light of the Covid-19 pandemic?
Our role is to do four things:
If you would like us to assist in finding the right type of financial protection for you, please do give us a call.