Personal Insurance Plan
The right personal insurance plan can provide us with a little peace of mind, that we are prepared in someway for the unexpected. While no one likes to think of the worst that could happen, we can have insurance in place to ease some of our worries. The right personal insurance plan will vary greatly from person to person, so it is vital that you get tailored advice to get the right insurance mix for you and your family.
Have you got adequate Life Cover in place? Use our Insurance Planner to make sure that your family will be properly provided for.
At Principle First we offer our customers a programme of sustainable financial planning, combining security for the future with the ability to enjoy the here and now. Things change, however, and amid the distractions and general hustle and bustle of life, we need to be aware of the gradual changes in our circumstances.
In achieving a balanced financial plan, the area of personal insurance presents us with two challenges.
First there is the need to consider our personal insurance in the context of the other areas of our financial life, alongside our mortgage, savings, investments, and retirement planning.
Second, we must consider the balance of elements within our personal insurance portfolio, to ensure that they match our needs at each stage of our life. We might, for instance, need to increase one or more types of insurance as we encounter marriage, parenthood, or adverse circumstances.
We must constantly revisit and reharmonise our mixture of life insurance, critical illness insurance and income protection cover to suit the needs of our beneficiaries and ourselves, checking that all is in proportion. We regularly review all our clients policies to ensure they always reflect their current circumstances.
Request an insurance review online or call us on 0800 678 5929
Life Insurance – the first step
At the outset of our career, we may consider taking life insurance for the first time. Later, the ‘patter of tiny feet’ can work like an alarm bell that tells us: things have changed! Now we have responsibilities for dependents, requiring a fresh look at our current financial setup. We may now need health cover, critical illness cover, and income protection cover, to update the internal balance of our portfolio.
We must consider, not only the various types of insurance available, but also what we want them to do for us. This varies according to our individual circumstances.
If you have no dependents, then for you, life insurance might be intended solely to pay off your mortgage. On the other hand, if you have a family, life insurance takes on a whole new meaning, as a means of ensuring that they are not left in financial hardship after your death. You may even consider several policies, one for clearing your debts, and one to provide for your spouse, and see your children through their education.
There is also a one-in-four chance that a serious health issue might immobilise you, cutting your career short before you retire. A sustainable financial plan will take account of this, by including critical illness cover. The amount of cover will be based on a considered calculation of your family’s future needs.
This is the key – considered calculations, worked out with the help of your financial adviser. A well-planned mix of products, fine-tuned to your actual needs, not too little cover and not too much. Insurance is peace of mind, but there is no point in putting yourself under financial pressure by being over-insured. You secure your future, while at the same time having the freedom to enjoy the present.
It’s all about sustainability. It’s all about balance!
