How the right cover could help to ensure peace of mind for you and your family

You work hard to make sure your family has a good life….

… paying the bills, putting food on the table and setting money aside for the future.

But today I want to ask you a difficult, even painful question.

If you have dependants, have you ever stopped to consider how much money they would need to get by, if the worst were to happen to you?

Would there be enough money to sustain them and make sure that they were well taken care of – and prevent them from being thrown into financial crisis?

I know - it is very uncomfortable to think about.

But it’s also important….

Let’s take a look at the finances. 

In the days and weeks after you passed away, your family would need to make dozens of critical decisions..

…including quickly getting to grips with finances, whether they’re prepared or not.

It doesn’t just start and end with arranging and paying for the funeral (which can cost almost £5,0001)…

There may be a mortgage and a car to pay off, insurance payments to keep up, and possibly childcare as well.

Any credit card debt you have accumulated doesn’t just go away – it needs to be paid out of your estate. As does Inheritance Tax if applicable.

All that, in addition to day-to-day expenses and your regular household bills.

What does the sum come to, so far?

Now, hopefully that number is manageable right now – while you’re there to contribute.

But what if your salary suddenly disappeared?

What if your loved ones had to shoulder all of that – without you?

You can’t necessarily count on your spouse or partner, if you have one, to supplement the lost income. Even if they are good earners in their own right, it might take them three or four years to get back on their feet after losing you.

They might need to take a lot of time off work, or even reduce their hours, to take care of your loved ones given the changed family circumstances.

And if they do not work right now, going back into employment at a time of crisis may not be the best choice for your family. In some families, it might even trigger brand-new childcare bills you’ve never had to pay before.

But wait…  We haven’t yet finished adding up all the expenses they’ll face.

There are other bills that might arise 5,  10 or even 15 years down the line – expenses you may not have encountered yet….

If you have children, this might potentially include school fees, gap years, children’s weddings and even helping children get on the property ladder.

Once you add those up, you’ll begin to get a sense of the amount of money your family would need over years and even decades, if tragedy were to strike.

It’s frightening, isn’t it?

The sum you’ve just reached is probably eye-wateringly large.

And the truth is that unless you are lucky enough to have serious amounts of money behind you, your family might very well struggle to manage financially if something happened to you.

I’m sure you don’t want your family to be burdened with money worries, on top of the pain of losing you. They could be forced to radically overhaul their lives – or even sell the family home – and the stress of having to figure all this out could be unbearable.

This is why life assurance is so important.

And you should make it a priority to put life assurance in place if you haven’t already – not for yourself, but for the sake of your loved ones and their future.

The right cover ensures that if something happens to you, your family is financially safe, your debts are covered, and there is enough money to fund their needs at least several years ahead.

It gives them the time and mental space to deal with the aftermath of your loss, without having to worry about money.

That would be invaluable, wouldn’t it?

The good news is that there are a great number of life assurance options available.

The less good news is that the process of finding the right one can be complicated and overwhelming if you try to navigate the landscape alone.

We can easily help you find the right type of cover for you and your family.  It starts with a simple conversation and it leads to great peace of mind.

Contact your local Punter Southall Aspire office to discuss your options for life assurance today.

It will give you assurance that your family will have the financial protection they need should the unthinkable happen to you.

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[1] https://www.dignityfunerals.co.uk/arranging-a-funeral/funeral-costs/?gclid=EAIaIQobChMIuKTcpY-C5QIVlfhRCh0T3wEDEAAYAiAAEgIHM_D_BwE

Posted by Peter Selby

Topics: financial planning, Life assurance

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