The Brexit drama continues, and with it times of financial uncertainty. That said, the market is generally trading well and the property market is, in the North East, remaining busy and buoyant with mortgages being lent readily.
There is still that underlying worry of ‘what if?’. One mortgage and protection advice expert, Martin Graham, of MG Financial Solutions, has stepped forward to give advice on how you can best protect yourself and your family and be prepared for every eventuality.
“It is always prudent to have the right cover of protection in place, but in times such as today, it is worth thinking more seriously about it.
“Not only are we facing Brexit, which could lead to job losses, we are in strange times of health and life expectation. Not wanting to be too bleak, but if the worst happened to you, would your family be ok?
“At MG Financial Solutions we give impartial advise on a number of policies. As well as buildings and contents insurance to marry well with a mortgage, we specialise in personal circumstances. From the self employed to the salaried and the zero hours contract worker, we have packages to suit all, at realistic budgets.
“Life insurance is an obvious one. And you should have enough cover to pay all of your debts when you are gone at least, so nothing else can be claimed you’re your remaining estate. Sadly, diseases such as cancer are taking people far too young now but please be reassured, even if you have already been diagnosed, there are still some policies to suit.
“These types of illnesses and many more can go on for a long time, even if they lead to full recovery, and therefore it is important to consider a policy that covers the time we are ill, to protect earnings.
“Critical illness cover can be shaped to suit your needs, your profession and even people who previously couldn’t be covered, can now get a personalised policy. It is always worth exploring, rather than presuming.
“There is also the option of short-term sickness cover, which is cheaper and covers illnesses and accidents where you would likely be back to work quicker than if it was a more life-threatening illness.
“Income protection is proving very popular at the moment, especially with people responsible for their own earnings such as the self-employed. This will ensure you have cover to pay you your income if you are unable to work and with premiums coming in from around £12 a month, depending on circumstances, they really are incredibly affordable.
“If you are employed, you can also insure yourself against redundancy and unemployment now. Did you know that?
“This could be a really good policy for those on contracted hours and salaries to consider with the looming Brexit – sadly the move out of Europe is already being blamed for a number of large car companies pulling out of the country for example and obviously causing redundancy. If those people had this cover, they would feel less concerned about their immediate future, mortgage payments and family security whilst they looked for another job.
“Finally, if you have children and grandchildren you wish to protect for the future, family protection insurance is definitely one to look at.
“This is a type of life insurance but it focuses on securing your family’s financial future in the event of your death. It is really a must for those with dependents relying on them financially. Unlike life insurance which will often pay debts first, the pay out will go straight to the dependents either via a trust, or via the other parent, ensuring they do not financially suffer from losing you. It can even be used for weekly shopping bills!”
More information on the protection offered by Martin and his team is available at www.mgfinancialsolutions.co.uk