Why Financial Protection is Essential for You and Your Family

Protecting What Matters Most: Why Financial Protection is Essential for You and Your Family

Life is unpredictable. People insure their cars, their pets, and even their boiler or phone, but often forget to insure the most important things – themselves and their families. While we all hope for the best, it’s essential to prepare for the unexpected. Financial protection ensures that you and your loved ones are safeguarded against life’s uncertainties, providing peace of mind when it matters most.

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What is Financial Protection?

Financial protection encompasses a range of insurance products designed to support you and your family in times of need.

Life Insurance - Provides a lump sum payment to your loved ones in the event of your death. This can help cover outstanding debts, mortgage repayments, funeral costs, and provide financial stability for your family’s future.

Critical Illness Cover - Pays a lump sum if you’re diagnosed with a specified serious illness such as cancer, heart attack, or stroke. This can cover medical expenses, rehabilitation, or even adjustments to your home, easing financial pressures during a challenging time.

Income Protection - Replaces a portion of your income if you’re unable to work due to illness or injury. Unlike critical illness cover, it provides ongoing monthly payments until you can return to work or retire, ensuring your household bills, mortgage, and daily expenses are taken care of.

Family Income Benefit - Pays a regular income to your family if you pass away during the policy term. It ensures your loved ones continue to receive financial support over time, helping them manage day-to-day living costs.

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Why is Financial Protection Important?

Imagine the following scenarios:

• Life Insurance: Sarah, a mother of two, unexpectedly lost her husband. Thanks to their life insurance policy, Sarah could pay off the mortgage, pay for her children’s through education, and manage household expenses without financial strain.
• Critical Illness Cover: Tom, a self-employed electrician, was diagnosed with cancer. His critical illness cover helped fund treatment not available on the NHS and maintain his business during recovery.
• Income Protection: Emma, a primary earner in her family, suffered a severe injury in a car accident. Income protection ensured that monthly bills, including their mortgage, were covered while she recovered over a period of 12 months.
• Family Income Benefit: After John’s sudden passing, his family received regular payments, enabling them to maintain their standard of living and cover daily expenses.

These real-life examples highlight the importance of financial protection in safeguarding your family's future.

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Key Benefits of Financial Protection:

• Peace of Mind: Knowing that your loved ones are financially secure.
• Financial Stability: Ensures that household expenses, mortgage payments, and other financial commitments are met.
• Flexibility: Policies can be tailored to suit your budget and specific needs.
• Tax Efficiency: Placing policies in trust can help avoid inheritance tax and ensure quicker payouts.

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Reviewing Your Financial Protection Regularly

Life changes quickly – moving home, changing jobs, or having children can all impact your financial protection needs. Many people have policies but are unsure what they cover or if they are still suitable. At PBS Mortgage & Financial Advisers, we offer free reviews of your existing policies to ensure they meet your current needs and provide the right level of protection.

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How PBS Mortgage & Financial Advisors Can Help

At PBS Mortgage & Financial Advisors, we understand that every family is unique. We offer the option to provide all these types of cover within one policy, known as a multi-benefit plan. Our experienced advisers will:

• Make tailored recommendations on the cover you need.
• Obtain quotes from all providers and compare cover and premiums.
• Assist you with the entire process, from selecting cover to submitting the application.
• Work within your budget to find affordable protection solutions.
• Help place your cover in trust for tax efficiency and quicker payouts.

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Protect your family and their home with the right financial protection. Contact PBS Mortgage & Financial Advisors today on 01524 888877, email us at advice@pbsfinancial.co.uk, or visit our contact page to schedule a free consultation.

Don’t wait for the unexpected to happen. Take the first step towards securing your family’s future today.

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