Protecting Your Family
Safeguard your family’s financial position against the unexpected and protect the lifestyle you enjoy.
Protecting Your Family
There is nothing in the world more precious than your family. It’s the reason most of us go to work in the morning. We know we can’t be without them, but what would happen to them without you? What would happen if you lost your job or suffered a serious injury or illness?
Last year there were sadly over 30,000 deaths in the 25-54 age group*. So as we know, this does happen to people. What we don’t know is who or when. This is why many people choose to protect their family just in case the worst should happen.
But how do you best go about this? What would the financial impact be on your family if you were to die? What if you were unwell and no longer able to work? What if you lost your job and had no income for a period of time? All of these dangers can be dealt with with proper planning. We know this is a complex and sensitive area but we are here to help you.
We start by looking at your financial position and really understanding what you want to achieve. We model different scenarios to help illustrate the financial impact on your family of these various scenarios to understand how you need to be protected.
We review your existing protection policies to see if they are fit for purpose and take all necessary steps to ensure you are completely protected should the worst happen.
We don’t stop there though. We know that your needs may change as you journey though life so we review your arrangements on an ongoing basis to make sure they continue to meet your needs. You can rest assured that you are protected whatever life brings.
Some of the Questions We Can Help Address
We can help answer any questions you may have in relation to protecting your family. Questions such as:
Where is my biggest protection need?
Am I paying too much for my current protection and insurance policies?
How do I protect my family if I were to die unexpectedly?
Do I have the right amount of insurance for my current needs?
Do I have a sufficient emergency fund and a suitable action plan in place should the worst happen?
Do I have adequate life insurance in place?
Should I protect my income or mortgage payments if I were to lose my job?
Do I need a will or should I update my existing will?
How do I protect my family's lifestyle if I develop a long-term medical condition and am unable to work?
Is my estate protected from unnecessary inheritance tax?
Did you know… you have about a 50/50 chance of developing cancer at some point in your life
Source: Macmillan Cancer Support 2013.
The Different Types of Insurance Products
Insuring yourself and your family will ensure your lifestyle is not at risk and you can rest assured that you are covered should the worst happen. We use a range of insurance product to help our clients achieve total financial security. These include:
Life insurance is a way to protect your family’s lifestyle and give them a secure future if you are no longer around. You can choose the level of cover required. If you die, your insurance policy will pay out a lump sum or regular income for the amount you insure yourself for.
Critical Illness Insurance
Critical illness cover is designed to help you cope with the kind of illnesses that can change the way you live the rest of your life. Typically, it pays out a lump sum if you are diagnosed with a specified illness allowing you to put provision in place to live more comfortably and ensure your family’s lifestyle is not adversely affected.
Income protection is designed to provide you with a tax free income if you are unable to work due to an accident or illness. This insurance allows you to concentrate on getting better rather than worrying about how you are going to pay your bills and ensures your standard of living is not significantly reduced.
Private Medical Insurance
Rather than waiting for NHS treatments, private medical insurance allows you to bypass the queues for the treatment of curable, short-term medical conditions to get treated privately. As well as avoiding NHS waiting lists, you can usually chose a date and time for treatment which is convenient for you.
Mortgage Payment Protection
Mortgage payment protection, is designed to provide you with an income to pay your mortgage and other outgoings if you are unable to work due to an accident, sickness or involuntary unemployment. This type of insurance usually pays out for a maximum of 12 months, so is a short-term solution.
“ The rich man plans for tomorrow, the poor man for today. ”
Be prepared whatever life brings
When the financial waters get choppy, make sure you have what you need to survive. Planning ahead to avoid financial disaster will mean you can relax and enjoy your life knowing that you can withstand any situation you encounter.
“The service provided by NorthStar was excellent. I received regular progress updates and was pleased with the outcome, which has seen my pension moved online with lower annual fees and a projected higher return. I would definitely recommend NorthStar and James Thompson for any financial advice you might need.”
Camilla Horton | NorthStar Client
The Key Benefits
Our protection services will help you protect your family should you lose your income, become seriously ill or die. Here are just a few of the main benefits you will enjoy: