New year – check your protection
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New year – check your protection
The start of a new year is a great opportunity to reassess your finances. In 2023, with difficult economic conditions causing cost-of-living difficulties for many, it is especially important to make sure everything’s in order.
Protection is an essential part of long-term financial planning. The right protection for your unique needs is an indispensable safety net against any unexpected downturn in your financial situation.
2023 checklist
Is the level and type of cover you have suitable for your current needs? If your circumstances have changed, it is possible that you might need to update your cover too.
We know that soaring prices and bills are making things challenging right now. That’s why it is more important than ever to consider the role protection plays in your financial plan. Having the right protection in place provides certainty in the most challenging times.
Think twice
When assessing your finances, it is important to think carefully about your decisions. As well as leaving you and your loved ones without essential cover, if you cancel your protection now then take out a new policy in the future, it will more likely than not end up costing you more.
Think about any other spending that could be cancelled first. Remember that cancelling protection can undermine a carefully constructed financial plan.
Get in touch
If you are thinking about changing your protection in the new year, don’t act in haste. Contact us today to see how we can help.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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