5 Things to add to your financial ‘to do’ list
As 2018 gets closer, it is a good time to start thinking about your financial priorities. Having a savings plan and budgeting for what you want to achieve next year can really help you get on financial track. With Brexit changes, inflation rates at an all-time high and uncertainty in UK’s economy, it’s now more important than ever to have a solid plan put in place. The sensible thing is to cater to every outcome and make sure you’ve got some money put away for any emergencies. Having a financial ‘to do’ list can really help put things in order. From this, you can prioritise and set yourself goals so you can aim to be better off by the end of 2018.
Form a plan
Ensuring your family is protected in the event of a death can be difficult to talk about. However, it doesn’t have to be a taboo subject or emotional if you try and think about it practically. Having that financial discussion and being prepared can help to plan for certain situations and protect your family. Ensuring you have the right amount of cover if something were to happen can mean planning ahead and making difficult life decisions. However, having a plan and growing an emergency fund ensures that your family are protected in the worst-case scenario.
Do your research
If you’re new to certain types of financial protection it can often be difficult to get your head around. Having the right advice can help to make sure that you’re getting the right amount of cover and protection. It also means you can make more informed decisions when it comes to your family’s protection. In addition to this, don’t assume that costs are out of your reach. You can be pleasantly surprised by how much cover you can get with a price that fits within your budget. Getting advice from the right people such as a financial, mortgage or insurance advisor can help take any stress out of the process. It can also save you a lot of work as often, they’ll do most of the research for you to suit your requirements.
Plan your estate
When it comes to who gets what, a will can be a good place to start. However, sometimes using a variety of instruments can help to protect your assets and provide for your family should you pass away. This can include things such as income protection, mortgage protection or life insurance. Once you’ve discussed the options with your family or an advisor and formed a plan, making it official is the next step. It ensures that your estate goes to the right people and you can have peace of mind that your family is protected.
Invest in Critical illness cover
Critical illness cover is a good way to help pay for medical care if you or a family member were to become seriously ill. A policy can help cover any loss of income or expensive bills during this time and keep your family afloat. Having a family member turn critically ill is tough enough to deal with anyway, without having to worry about managing financially as well. You can add critical illness to any life insurance policy or take it out separately, depending on your preference. It can really help to provide extra support whilst you recover.
Once you’ve got your financial protection in order, it can give you peace of mind your family will be looked after in the event of your death. Often, with these tasks off your to-do list, you can start to focus on decreasing debts and starting up a savings account. Over time, this can potentially reduce any premiums associated with your protection policies. It also helps to provide extra support so you can financially better off by the end of 2018.
For free quotes on life insurance get in touch today. At Business Cover Expert, we can help ensure your family is protected financially and provide free advice to help you get the best policy to suit you.