All financial planners should not forget the roots of the insurance industry which is the protection of loved ones against life’s uncertainties.
Whilst we all hope we shall live healthily forever, it is still wise to plan for the worst. Many of us are in businesses and rely totally on our partners to maintain the home so we can be free to generate wealth.
There are three fundamentals which need to be covered, namely will you:
- Live too long.
- Die too soon.
- Live half a life.
Only after we are satisfied about these needs can we move onto the more esoteric tax and financial planning issues for you.
It is a fundamental tenant of every client review to double-check that these requirements have been considered. This includes assessing life insurance, disability insurance to make sure income continues into the home should you fall ill, or critical Illness and long term care products for those in later life. Insurance should be a key area of advice for all financial planners.