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 and do help in the short-term. But what happens when they run out? What happens if an illness goes on for three, six, or even 12 months? What then?
The ongoing Covid-19 pandemic has focused many people’s minds on the need for a rainy day fund and financial protection, particularly in the light of greater awareness of the meagre nature of State support. While nothing can ease the emotional distress the virus has and is continuing to cause, creating your own safety net can lessen its financial impact if you or your loved ones are directly affected by it. 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.
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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 law and HM Revenue & Customs practice as at 24 March 2021.