Financial Advisor in Norwich Specialising in Family Protection

The little known “Family Income Benefit Policy”: a lifeline for those loved ones left behind!

Ok, so you have a lovely family home, a growing family and a mortgage. Being prudent financial planners, you put some mortgage protection in place to make sure you pay off the mortgage on the family home if either of you passed away. Job done… or is it?

Have you ever stopped and really given thought to this question: “Will paying off the mortgage really be enough to ensure your family keeps their home, secures their future and guarantees your children have the upbringing you lovingly wanted for them?” Its an even more important question if you renting.

I know nobody likes to, but have you ever thought about what else is left behind to deal with outside of the mortgage?

Your surviving spouse will still have the rest of the ongoing household running costs to deal with like council tax, water, gas, electricity, car insurance, road tax, servicing, TV license, broadband, telephone, mobiles, toiletries and let’s not forget, food.

On top of this, they will also have the additional financial burden of looking after your children by themselves. This could mean having to give up hours at work to look after the children, especially if they are very young, to possibly having to put the children into extra childcare whilst they continue to work. They may even have to increase their hours just to try to generate enough to survive and balance the monthly household budget.

The above can also be said if both parents passed away at the same time. Consider the impact this will have on your children’s guardians and trustees?

With the above all said, there is a relatively inexpensive and commonly overlooked solution to prevent this from ever happening, and it’s called a “Family Income Benefit policy”. Needless to say, it can be priceless to your loved ones left behind!

So what is a Family Income Benefit policy?

A Family Income Benefit policy is primarily used to ensure that a family’s income is maintained at an acceptable level if one or both of the breadwinners passed away. It will then pay a monthly income into the home, at the level specified in the policy, until the policy’s termination date.

There is no minimum or maximum cover required. Each plan is individually tailored by us and the term and benefits can be adjusted to accommodate most budgets.

These monthly income payments can either be index-linked or paid at a set flat rate, however, we strongly recommend index linking these plans. The main reason is £100.00 today will certainly not be worth £100.00 in 5 or 10 years time for instance, and by index linking your plan, it ensures the income received from the plan keeps up with the rate of inflation. This will mean the monthly premiums will increase periodically as the plan sum assured increases, but this will be in small manageable amounts over the plan term.

Family Income Benefit policies can be held by one policyholder (a single policy) or by two policyholders (a joint policy). In the case of a joint policy, the policy will commence paying out on the passing of the first policyholder and will only payout for one parent not for both. A single parent can also take out one of these plans to secure their children’s future in their absence.

I hope this will encourage more of you to take a good look at your current protection arrangements and assess if they really will be sufficient to look after you and your family? More importantly, I hope you will take a proper look at the aftermath you may leave behind if you don’t.

Who is Justin Fordham?

I have been a mortgage and protection specialist for over 20 years, and 15 of those years have been spent working alongside one of the country’s largest debt advice charities, helping clients in financial difficulty, so we certainly have a track record in offering honest balanced advice.

I want to make sure all families have access to, and also get, honest professional insurance and protection advice. To help with this, we are offering all MyBump2Baby clients a free appraisal of their current protection arrangement(s). We will also offer a free recommendation for any proposed future cover.

Testimonials?

Client testimonials can tell you a lot about a company, so please feel free to Google us and read our 80+ 5Star reviews on both Google and thebestof Norwich.

So whats next?

Even if you have some protection in place already, with your ever-changing family and financial situation, it’s even more important to review your current arrangements to ensure your protection needs are fully covered. I provide a telephony-based service so it doesn’t matter if you are local to Norwich, or live elsewhere in the country, I can discuss your specific requirements and provide recommendations to suit your individual circumstances.

We cover all areas of mortgage and personal protection including

• Life cover
• Critical illness cover
• Family income benefit
• Income protection
• Mortgage protection

My company mission is to remain an outstanding, trustworthy and dependable advisor of personal insurance solutions. If you are looking for insurance and protection in Norwich, Norfolk and surrounding areas, I encourage you to get in touch with us to discuss your needs further.

About MyBump2Baby

My Bump2Baby work with dedicated independent financial advisers in many areas throughout the UK. These advisers provide the very best services for our families, helping with a range of things like:

• Insurance & Protection
• Pensions and retirement planning
• Financial Planning (wealth management)
• Asset Management
• Financial advice
• Mortgage advice
• Estate planning
• Savings
• Investment management
• And many more.

To see more of our specialists, visit this website link: https://www.mybump2baby.com/familysection/

 

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• Insurance & protection
• Mortgages
• Business

CeMap

No-obligation review of your current insurance arrangements.

I will help you take a good look at your current protection arrangements and assess if they are still suitable for the purpose they were originally taken out for, or if they need to be updated or added to, to fall in line with your current situation and circumstances.

New baby or young children? I will offer a free interview to help you asses your family protection options.
New baby or young children? I will offer a free interview to help you asses your family protection options.