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Posted by Danielle Harvey on 7 October 2020
Major life events, such as getting married, provide an ideal time to take a closer look at your finances. For example, tying the knot is a good prompt for couples to assess their current financial setup and examine what financial protection is necessary for them, not just individually but also as a married couple. Often, couples are uncertain about what type of life insurance or cover is necessary or when it's best to start planning for it.
To help newlyweds, Zoe Bailey, Chartered Financial Planner and Director at Tilney, shares some financial considerations:
1. Is your honeymoon abroad? Travel insurance is even more important in the current climate. With the disruption of Covid-19, many couples are postponing big travel plans for their honeymoon by a year or so, but that doesn't mean a delay in sorting the cover. This also applies to newlyweds opting for a last-minute city break for their honeymoon. Travel insurance protects you from disruption to your journey and gives you access to medical treatment, repatriation and associated expenses if needed.
2. What else is financial cover useful for? There are a few ways to decide how much financial cover is needed, what you need the policy to pay out for and the length of time. For example, if you and your new spouse have medium term goals like covering the cost of the mortgage or the overall mortgage amount, then it's pretty easy to see how much you need and how long you need it for to match the term of your mortgage. However, you should also think if you just wish to only have cover for you and your partner's death or if you wish for this policy to also provide cover should either you suffer from a critical illness. You may also be thinking more long-term, you may wish to cover any other expenses following you and your partner's death. To do this, you'll need to sit down and work out how much you'll both need in order to pay for them in the long term.
3. Keep an eye on the future: Now that you're married, it's worth considering how you both see your future panning out and what your hopes, career plans and ambitions are. For example, you may have hopes of starting a business and/or raising a family. Longer term you may have dreams of buying a second home in your favourite holiday location to retire in. And, as painful as it is for all of us, it is worth considering the financial implications of you or your partner dying earlier than expected. Whatever your plans, it's important to have an honest conversation now and consider speaking with a financial planner who can talk you through your options.
4. Protect yourself and each other: Whether you or your spouse are self-employed, or you're faced with tighter household finances due to the current pandemic, it's a good idea to consider income protection which can help to provide a financial cushion against most situations.Income protection means should you or your spouse find yourselves unable to work due to sickness or an accident, a replacement tax free income will be paid. This gives you the security of an on-going income, so you focus on recovering without the stress of worrying about money.
5. Life's ups and downs: In the event you or your spouse should fall seriously ill, getting critical illness cover is another way to make sure you're not met with more stress and financial concerns during treatment and recovery process. Opposite to the general understanding of these polices, they are not the same as income protection polices and cover different conditions.
While income protection would pay you a monthly tax free income, this cover would pay out a tax free lump sum in the event of you being diagnosed with one of the 40-80 various illnesses your specific policy covers. This could be used to, put towards private treatment, pay off some or all of your mortgage, support your loss of income as well or simply saved towards your retirement. What's more, if you or your partner finds the cost of your level of cover is too expensive, you can always arrange a lower sum to keep you in line with your budget. After building up your emergency cash fund, protection should be the first stage of your financial planning as it is the most important aspect towards giving you real peace of mind. However, it is of course always a balancing act between need and affordability. Always speak with an advisor to help you understand all your personal needs, the real priority list and your associated options.
For more information visit tilney.co.uk