Previously, life-changing events like marriage, having a baby, or moving house were considered the triggers to thinking about financially protecting your way of life, but that’s no longer the case. It should not come as a surprise to anyone that interest in income protection policies has skyrocketed since the start of the pandemic earlier this year.
This does not constitute advice and advice should be sought in all instances before acting on it.
VitalityLife recently conducted a survey of 2,000 consumers that shed new light on insurance policy habits. Ten percent of respondents said that the need to protect themselves and their family’s financial future was one of the biggest life lessons they learned from the pandemic—even the younger generation.
Over half of the people surveyed between the ages of 25 and 34 now realise the importance of life insurance, and one-third of all respondents have become aware of the need for it.
Furthermore, it seems that the COVID-19 outbreak has caused people to sort out their life priorities and put what’s important to them first as life is too short and anything can happen to anyone, at any time.
People are now putting their family’s future at the top of the priority list, along with spending more time with their family, improving their health through weight loss and making healthy eating choices, improving mental health and emotional wellbeing, and ensuring their personal finances are in order.
How do you realign your financial strategy to protect your family?
While many have expressed the desire to change their circumstances, they’re not exactly optimistic about achieving their long-term goals, or they’re simply not sure how to go about doing so. If you have resolved to make changes but aren’t sure where to start, working with a financial adviser is your best bet.
Financial advisers can help you by building a financial plan that not only incorporates ways to build your wealth with tax planning and investment strategies, but they’ll also advise on how to protect the wealth you’ve worked hard to build through income protection, critical illness cover, and life insurance policies.
Wealth protection might seem like a luxury or just another cost, but as we’ve seen this year it has become an essential investment to make.
If you’re ready to secure your future through a customised financial plan, get in touch with us today.
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