Have YOU protected your greatest asset?
The chances are you’ve already taken steps to protect your property, whether it’s your home and its contents or your mobile phone.
Yet what about your greatest asset? Yes – that’s YOU and your earning power.
Just imagine if that was cut from your life, even if just for a few months through serious injury or illness. A couple together can bring in over £1m during their working lives – yet most of us do little to protect this unseen income.
There are plenty of “what ifs” and it only takes one of them to trigger financial hardship for you and your family.
But there’s something positive you can do to help by talking to a financial adviser. They’ll explain what you need to do so your loved ones continue to get financial help should you find yourself in a position that stops you from earning.
Barrie Storm, an adviser with our trusted partners Wren Sterling, said: “It’s all about protecting your dreams and aspirations for yourself, your family or for your retirement.
“People tend to underestimate their value and their worth – and how much their contribution would be missed if the worst happened.
“The solution could be as simple as one policy with features to cover a variety of outcomes, or we could work to a budget or to specific requirements.
“It can take as little as half an hour face-to-face at one of our branches to assess what’s in place.”
Different kinds of protection include cover for if you fall ill or the option of a lump sum if you became critically ill or disabled. The money could cover medical fees, rehab or day-to-day expenses.
If it was more serious, life insurance could save your family from the anguish of being unable to pay the bills, including the mortgage.
“The first thing we’d look at is what your requirements are, such as your level of income, covering any debts – and then look at other goals such as early retirement or retirement on a certain level of income,” said Barrie.
“We’d work out what level of protection you already have, such as through work with sick pay or death in service cover, or pension benefits that might get paid out.
“It’s important because if you can’t pay your mortgage your home might get repossessed. Or if the breadwinner dies, their partner may have to give up work to look after the children, or start work to pay the bills. Monthly household bills can top £1,000 even without the mortgage, and with debts added too it can mount up – but it needn’t be a worry.”
So, if you update your home insurance on an annual basis, why not offer the same protection for yourself?
And as a member of The Nottingham you have exclusive access to independent financial advice, so why not take advantage and protect yourself.