Braxted Park Estate Wedding Fair hosted by County Wedding Events
If you're newlyweds-to-be embarking on your wedding planning journey, pop along to...
Posted by Danielle Harvey on 7 October 2020
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.
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.
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
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