At Bristol & West Financial Services we have a belief that everyone should think very carefully about three questions before taking financial advice. The reasons are quite simply, answering these will allow you to make an informed financial decision and that at least ONE of these THREE is GUARANTEED to happen to every single one of us in our life!
The questions are as follows:
What happens to my family if I die too soon?
Child Guardianship, Funeral costs, paying the mortgage/loans/credit cards, maintaining family lifestyle……
What happens if I live too long?
Income in retirement, care charges, leaving a legacy, partner dies……
What happens if I only nearly die?
Can’t work, pay mortgage/loans/credit cards, change of house/car, state benefit……..
At least one of the questions above will turn into reality for every single one of us.
That is GUARANTEED!
Please read the following subjects
“DYING TOO SOON”
“LIVING TOO LONG”
Remember at least one of these is guaranteed to happen to you!
If you would prefer to be asked these questions face to face and have help on answering them then contact us for our FREE Financial PROTECTION & PENSION REVIEW.
Dying too soon
Passing on is often a troubling concept and one which we tend to avoid reflecting upon. We might originally dwell on the sentimental moments that we will miss, as well as the incomplete goals and unfulfilled ambitions. However, it is not long before we think about our loved ones and how our passing affects them.
Our loved ones rely on us to protect them
Perhaps you are the sole carer for a sibling and look after them financially. You may have children that are dependent upon you and you realise that your passing would be highly unsettling: disrupting their ability to carry out long-term goals. Family often rely on us for so many things: from emotional support to financial help. Although there are some things of which we can no longer take care, there are ways in which the burden of our passing can be made a little lighter. We can provide comfort by guaranteeing that our loved ones know that we never stopped caring for them. They will be aware that our love for them was so deep that it provoked our desire to ease their financial worries after we had passed.
Struggling to cope with grief
Grief is a challenge with which to cope. Some people are able to remain strong and continue with their day to day responsibilities. However others may find it more difficult. Grief can place people in precarious positions where they struggle to turn up for work, pay bills or even find the strength to leave their bed each day. A lot of people have a strong support network and loved ones to check in on them once grief has occurred. However helpful this emotional support may be, financial provisions can go one step further to ensure that someone has the basic requirements such as shelter and food, as well as a vehicle to achieve other long-term ambitions.
The situation that we leave behind is often integral to the well-being of our loved ones.
Providing our loved ones with a better situation
It is very reassuring for people to know that they can continue to help their loved ones even when their own life has ended. Financial provision removes that finality and helps to soften the grieving process. Perhaps providing a sum of money will be cathartic because it enables your loved one to fulfil your shared ambitions to travel to a particular destination. It may help them to reach their educational or professional goal of which you encouraged. A financial provision provides a lasting legacy with which you are fondly remembered.
One way of providing a financial provision is by organising a Life Assurance policy. This provides a contract between an assurer and yourself as the insurance policy holder. Life Assurance guarantees that a lump sum of money is paid to a designated beneficiary upon the death of the policy holder, in exchange for a premium. Life Assurance can be written in trust to make sure the money goes to who you want when they most need it. Life Assurance is the best way to protect your loved ones after your passing. Ease one more burden by providing this token of your love for the people that you care about most.
People are often thankful for their good health and do not dwell on It further. If they witness another’s disability, they may feel sympathetic towards them. They may also momentarily feel increased gratefulness for their own good health. However, people do not often reflect on their own health any further. The truth is that we often take our own good health for granted. It is great to enjoy and make the most of optimum health; however, it is vital that we are prepared for disability if it does arise.
“It will never happen to me.”
Many people are born with disabilities and their families have been prepared for and foreseen every step of their journey. However, this insight is often not afforded to others. Some people might find themselves disabled within an instant, for example, in a road traffic accident or as the result of a sporting injury. Within that moment, they will have found that their whole life has changed. It might be hard to come to terms with at first and the victim might go into a state of denial. They might doubt the severity of their situation. However, ultimately, this disbelief often gives way to a practical and proactive mind set.
The effects of unperceived disability on your loved ones
After disability occurs, thoughts about one’s own life situation will be most prevalent. You might not immediately think about your loved ones and the impact that your disability has on them. If you have a spouse or partner, you may have to adapt your work and home life to care for their needs. Children may find that they have to sacrifice certain hobbies because their parent is no longer able to take them. Children might feel vulnerable because their primary carer, who they once perceived as invincible is now in a precarious position. Friends might find it hard to broach the subject and are left wondering what activities they should mention to a newly disabled friend because they are trying to be inclusive yet avoid making upsetting mistakes. Loved ones will have many different ways of coming to terms with your disability. They will want to support you without appearing insensitive and patronising. However, loved ones also need time to grieve for your changes too.
We might occasionally speculate on certain scenarios that will play out if our health deteriorates. However these are often passing thoughts. It is rare that one will prepare for those possibilities.
A newly disabled person will have to be flexible and adaptable to facilitate their new situation. Their life plan will have to be modified to accommodate new challenges. If they have a physical job and have reduced mobility, they might have to change their role within the company or find a new job. If they have suffered a mental difficulty and are in a job that requires their cognitive abilities to be excellent, they will ultimately find that a change of job may be necessary.
Sometimes, it might be difficult to gain a new job with a serious disability. However income protection insurance is able to safeguard yourself and your family from loss of income due to an accident or sickness. It could provide you with a tax-free income until you are well enough to return to work or even retire. This insurance, also known as PHI, helps to maintain your standard of life if disability occurs, by covering your bills, for example, utility bills, loan/credit card repayments and monthly rent or mortgage payments. Income protection is flexible, with a choice of three main cover options which can be combined depending on your requirements.
Income protection insurance helps to provide you with peace of mind because you will know that your loved ones will be protected if you become disabled. Enjoy your health but also be mindful of the future by wisely investing in this manageable insurance policy.
Living too long
Living a long life is a privilege of which we all can aspire. An increasing amount of people are living longer lives due to medical advances, improved healthcare and a healthier diet and lifestyle. People are also more aware of warning signs to serious conditions due to increased public awareness. While we can be thankful that ourselves and loved ones are likely to enjoy a longer life, we also need to prepare for the future and ensure that it is financially secure.
More fulfilled life
Living longer allows us to fulfil our ambitions that we might otherwise not have had time to achieve. It allows us to enjoy our extended youth to the full. If you have always wanted to live in another part of the world, this is a viable option which you might plan to do once you have retired. You might have a bucket list that you are working through with several items that you are planning to complete in your eighties and even your nineties. Living for longer ensures that we can tick off many goals that previous generations may have had to sacrifice.
Benefits to family
Living longer has lots of benefits for your family apart from getting to enjoy your love and companionship for many more years. They can benefit from your emotional support when they endure life’s inevitable hardships. They can also count on you to give them helpful advice due to the experience that you have gained over your long life. Your family can appreciate practical support, for example, helping out with childcare, etc. Older family members are respected for their wisdom and vast insight. They are often the shared connection between many family members and therefore hold the family together. This important and strong role is what makes older family members so revered. They take pride in this role and do not want to become a burden on their younger relations.
People want to enjoy their hard-earned retirement by maintaining their quality of life, as well as indulging in luxuries such as holidays, days out and meals with friends and family. Once you retire there is no additional money coming in apart from a state pension which is often not enough to cover extra bills and luxuries. Old age can also be a challenge because although we are able to enjoy life for longer, we ultimately have to suffer the deterioration of both our body and mind. At some point, we might have to be assisted by care services, either at home or in residential care. We might even have to supplement some care ourselves.
Investing in a pension for retirement
Investing in a pension is the best way to guarantee that our older years will be comfortable. We can ensure that we are financially independent, which will provide our families with some assurance. There are various types of pension plans available so you can choose one that is viable for you. A personal pension is a valuable investment because it ensures that you are contributing to your future.
To discuss your needs contact us via our contact page.