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14 August, 2018

Guide to Protection Planning

As a Wealth Manager most of our work is focussed on assisting our clients manage their wealth, to ensure that it is available when they and their family need it, both now, and in the future, and that the bite taken by Her Majesty's Revenue & Customs is proportionate, reasonable, and above all predictable and planned for.

Indeed planning, in whatever context, forms a large part of our client facing activities, so that as little as possible, is left to the vagaries of chance as life chooses to throw them at us.  One thing which can throw a plan into turmoil are unexpected life events - often of a health nature.  None of us know the future, and whilst we can eat healthily, exercise, and be very sensible, nonetheless there is a chance that something will go wrong, which leaves us dead, or very ill.

However it is possible to plan for this too, and for this eventuality we will on occasion utilise insurance to 'plug the gap'  Insurance is an unusual contract in that it uniquely exhibits the characteristic that at the point of purchase you are sincerely hoping that the event that would make your purchase worthwhile will never happen, so that your insurance is a waste of money.

Insurance is there to plug a gap that must be plugged, and for which no better plug exists.

The linked article explains a little more about the types of protection available to individuals, how it works, and what benefit it may provide.  We will discuss this as part of our ongoing financial review with you, but if you'd like to know more....

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by John Stirling

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