Protection is possibly the most under used financial instrument and is the most crucial part your financial life.
What happens to your family if you lose you job, become critical ill or you lose your life. What happens to your dependants? What happens to your commitments such as school fees, holidays, servicing of loans, mortgage, savings, pension and everyday living?
How could these events effect your standard of living and assets?
If you are not here anymore, are your children taken care of?
In the event that you lose your job or are critically ill, are your loans, mortgage and lifestyle sustainable?
If any of the above effect you, can you live day-to-day for 12 months or beyond? Most people only have enough funds to live for 3 months ahead of their last salary, if that. If you have assets and protection, that’s good. If not, then you should seek advice.
I alway advise clients to have an update Legal will, else this is all a waste of time. Whilst we don’t write Legal wills, speak to your lawyer today or we can recommend one.