Financial protection for you and your family

PROTECTING WHAT MATTERS MOST

Financial resilience is the ability to recover quickly from unexpected financial shocks. 

Many of us insure our homes and cars without really thinking about it, but far fewer insure their lives and incomes. And yet, if you were to die, how would those you leave behind be able to manage financially? If you were unable to work due to illness, how would you find the money to pay your household bills? Savings can help in the short term but what happens when your savings run out? More important what happens if an illness goes on for months or years?

Many of us insure our homes and cars without really thinking about it, but far fewer insure their lives and incomes. Savings can and do help in the short-term. But what happens when they run out? Or if an illness goes on for three, six, or even 12 months? What then?

The cost of living crisis, hot on the heels of the Covid-19 pandemic and the associated condition of ‘long Covid’, have focused many people’s minds on the need for a rainy day fund and financial protection, particularly considering greater awareness of the meagre nature of State support. Increasing numbers of people are seeking advice around financial protection. While nothing can ease the emotional distress of rising prices and the knock-on effects of Covid, creating your own safety net can lessen their financial impact if you or your loved ones are directly affected. Life and health insurance protection underpins most good financial planning. These types of insurance can ensure that, should you or your family need it, the right amount of money will reach the right hands at the right time.

Please note that all scenarios and examples included in this guide are fictitious.

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This publication is for general information and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The Financial Conduct Authority does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme. This publication represents our understanding of the Budget 2023, the Finance (No 2) Bill 2022–23 and the law and HM Revenue & Customs practice as at 8 April 2023.