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6 Areas of Protection You May Want to Discuss with Your IFA Penarth

Financial planning is not just about growing your wealth, it’s also about protection. What happens when a serious tragedy/illness strikes and you are not prepared or covered sufficiently? That’s why it is important to consider protecting your life, wealth and income. Here’s a look at six areas of protection you might want to discuss your IFA in Penarth.

Life Insurance

There’s nothing in the world that can console us when we lose a loved one. The financial consequences can be equally catastrophic. What happens when you lose the support or income of the earning spouse? It can leave the entire family struggling to manage the daily rigours of debt, bills and taxes. Life insurance coverage can help you coast such tragic situations.

Income Protection

An income protection cover provides some fabulous coverage in the event that you are out of job. This scheme is ideal for people who are self employed. You can write off the premium as a trading expense to reduce your tax bill. Talk to our IFA in Penarth today to determine if you should opt for an income protection plan.

Critical Illness

Critical illness cover is an insurance policy that covers critical illnesses. You get paid if you survive the illness. Insurance schemes are available for critical illnesses including Alzheimer’s deafness, cancer and stroke. A critical illness plan helps overcome any financial difficulties you may face owing to your illness.

Serious Illness

This cover is different from critical illness cover in that it pays a part of the total coverage based on the severity of illness. With a critical illness cover, you either get paid in full or you don’t. If you don’t get paid, and you can’t work, you will be in a huge financial burden. A serious illness cover can pay out 25% of the total cover value and can help alleviate your financial worries a great deal.

Family Income Benefit

This product could provide a fabulous cover to replace income in the event that a spouse/partner dies. A family income benefit scheme will pay a fixed sum of tax-free sum every month, quarter, six months or year from the date of the death until the end of the term. You must use this plan alongside a lump-sum life coverage to help pay any debts to solidify your financial future.

Wills and Trusts

When someone dies without leaving a Will, they are known to have died intestate. Proper trust planning can help lower your tax burden, ensure you family can benefit from the wealth and of course, prevent loss to any estate. Our IFAs in Penarth can help you plan right and choose a product that’s appropriate for your needs.

Talk to an IFA in Penarth

At Romilly IFA, we aim to provide neutral and professional advice to ensure our clients have the right protection for their financial security. Get in touch with us today for a free consultation.