Are you trying to find every way you can to save money during this cost-of-living crisis? If you’ve exhausted other avenues, you might be tempted to look toward your wealth protection plans to find savings. However, at the moment, you can’t really afford not to be protected against a sudden loss of income. There are other options to help reduce your monthly costs — and your financial adviser can help you do it.
This does not constitute advice and advice should be sought in all instances before acting on it.
The importance of protection
As the pandemic has taught us, no one is safe from illness or injury. If you don’t have a plan to survive financially, you could end up racking up debt or possibly even losing your home. So, it’s essential you have protection in place.
But if you’re trying to find ways to save at the moment, it might be time to meet with your financial adviser for a protection review.
While you should be having regular reviews with your adviser, there are times that warrant a one-off review. If your income changes, or if you have updates to your retirement plan, or if there is any legislation or new products on the market that could benefit you, you should schedule time with your adviser. Any time there’s a significant change in your circumstances, a protection review should be done.
If you find yourself needing to save money by scaling back your coverage, your adviser can help you determine what you can afford to lose and still have a solid safety net in place.
Whether you have accumulated substantial assets or are just starting your journey towards financial independence, you should always have a plan in place to protect your wealth. Having regular wealth protection reviews with an independent financial adviser can help safeguard your financial well-being.
Speak to an adviser for help
We’re all trying to navigate the current cost-of-living crisis as best as we can, but remember — you don’t have to handle it all alone. Get in contact with Darren for a review of your protection plans or a full review of your entire financial plan. We can help you find ways to cut costs without affecting your lifestyle or risk being unprepared for the future. Schedule your review now.