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  • Writer's pictureeddge

The bigger picture and the importance of protection

A brief word on mortgage rates before we talk about something else. The last few weeks has seen several lenders pull their “lowest rates since records began” deals and replace them with, well, ever-so slightly higher ones. Some may say that they’ve filed their proverbial boots and can afford to nudge their rates up now, but we think the reason might be more fundamental than that. And that’s because the very real prospect of consistently high inflation, combined with the Bank of England suggesting a bank rate rise is lurking around the next corner, seems to have filtered through to rates. If you want to talk to us about that and what it means for you, then you know what to do. However, we’d like to focus on the bigger picture. Because although mortgages are our bread and butter, we believe the right mortgage is only one part of putting yourself in the best possible financial position.

To protect

Forgive us for opening with an enormous generalisation, but we always find it staggering how some people don’t even blink when it comes to paying to protect things like their phones and their pets (weird combo, we know), but when it comes to a conversation about protecting themselves, they want to talk about that tomorrow. And all too often, tomorrow never comes. Let’s not pull any punches, the last 18 months have been dreadful. They’ve also shown that no-one, no matter how comfortable they are in life, is beyond something happening to them then can fundamentally turn their life upside down, inside out and back to front. No-one wants to think about it, we get that. No-one really wants to talk about it either. We also get that. But we wouldn’t be doing our jobs properly if we didn’t. We want to make sure every single one of our clients is protected, come what may. We can advise on three key areas of protection.

Income protection

An income protection policy provides a regular, tax-free income for you if you are unable to work due to an accident or sickness. Once the benefits kick in, they continue to support you until you are able to return to work, or the policy expires.

Critical Illness Cover

No-one wants to think about the possibility of serious illness but planning correctly can make all the difference. This cover pays out a lump sum to you if you are diagnosed with a number of specific conditions. These include cancer, heart attacks, Parkinson’s and other serious conditions. Usually, the lump sum is used to pay off your mortgage and other debts.

Life Insurance

Life insurance is designed to pay out either a lump sum or a series of payments should you die during the term of the policy. Normally, the pay-out is tax free. Payments are used for a number of reasons, the most notable of which are to pay off your mortgage or to provide an income for those that depend on you. Policies are tailored specifically to you and your individual circumstances.

If you think you could benefit from some advice on how best to protect yourself, then please do speak to us. We’re aware this feels mildly preachy and that’s not our intention. We just want to make sure that you’re covered.

To grow

On to something significantly more positive and that’s helping you make the most of your finances and planning for the future. We’d very much like to introduce you to Financial Framework, an independent financial planner who we work closely with. If we can be so bold, if you need financial advice, we don’t believe there’s a better bunch out there. They very much mirror our approach. They’re not some gargantuan organisation who put their clients through a one-size fits all (because it very rarely does) process. Rather, they are a boutique financial planner that concentrates on really understanding their clients and providing tailored advice to each and every one of them. And, just like us, they have years of experience in their field. They offer a range of financial planning solutions including investment advice, retirement planning, tax planning, estate preservation and advice on the much maligned, but ever-important, pension. If you feel you could benefit from their expertise, then we’d be delighted to arrange an introduction for you. You can also check them out via the link below.

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