No one can predict the future but everyone should prepare for it

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Recent events have shown that we should prepare for the unexpected. Whatever your plans for the future, whether for yourself, your family or your business, careful financial planning can make a real difference to your life and those you care about, both today and in the future.

We all understand it is important to insure valuable possessions, your home and vehicles but do you have sufficient financial protection? If you do not, you could be taking unnecessary risks with your financial future.

Have you considered how you and your family would maintain your lifestyle if you were unable to work? How would Inheritance Tax affect your loved ones when you die? What the impact on your business would be if you or another key member were unable to attend work for a prolonged period through accident or sickness?

The sooner you address these questions, the more options you will have available to you. Protecting your assets and the people that matter to you is fundamental to what we do at Four Wealth Management.

How would your business cope if you were not there to lead it?

Every successful businessman or woman knows that a business’s most important assets are the people within it. These people will steer the business in the right direction and they will appreciate that taking risks is an inevitable part of creating a successful business.

However, some risks are never worth taking, like the risk of not having adequate protection to ensure that the business could continue to prosper if you or another key member of your business were to suffer an untimely death or be struck down with illness or disability.

We understand that all businesses are different. At Four Wealth Management, we take the time to get to know you and your business so we can identify what type and level of protection is needed for your business.

We can help with shareholder or partnership protection, or ensuring your business is covered in the event of an unexpected departure of a key person.

Our Financial Advisers draw upon their wealth of experience of working with successful businesses across the country to provide solutions that are tailored to your business and its specific protection needs.

What types of protection are available?

At Four Wealth Management, we offer a no-obligation financial review meeting with a Financial Adviser to discuss your individual needs and objectives. We offer bespoke protection advice and will make a recommendation for you after considering the St. James’s Place panel of providers and identifying which solution is appropriate for you. We offer advice on life assurance, income protection and critical illness cover.

Life assurance

Life assurance provides a lump sum on death and comes in two basic forms: term assurance and whole of life assurance.

Term assurance provides cover for a specified period of time whereas whole of life assurance will provide a lump sum whenever death occurs provided contributions have been maintained for the duration of the plan.

Term plans are typically used when covering a financial liability that will reduce or end in the future, for example repayment of a mortgage or educating your children. Whole of life plans are typically designed to cover liabilities that will arise on your death, no matter when that is, such as an Inheritance Tax bill or to supplement what you leave to your heirs. Whole of life plans are also used where the period of cover is unknown or uncertain.

Income protection

Income protection plans are designed to provide you with an income if you are unable to work for a prolonged period due to illness or injury. Income protection plans cover you for a set number of years, typically until you retire.

Critical illness

If you suffer a heart attack or are diagnosed with an illness such as cancer, you and your family may be negatively impacted financially. This is because your expenses will be the same, or potentially higher depending on additional medical costs, and you may be unable to work due to the illness.

Critical illness plans provide a lump sum in the event of you being diagnosed with one of a large number of specified illnesses. Similarly, to life assurance, they can be structured on a term or whole of life basis. It is more likely that you will suffer a serious illness than die before you retire so is an important protection policy that you should consider having in place.

Should you act now?

Unfortunately, getting older is something none of us can avoid. Thinking about financial protection today is one of the most important steps you can take in preparing for the future. Protecting your family or business now could also save you money in the long term as life cover will invariably cost more as you get older.

You now need to find the right protection policy for you, your family or your business. This can be a time consuming and daunting process due to the number of providers and different types of cover they offer. At Four Wealth Management, our priority is to find the right solution for your protection needs. As a Partner Practice of St. James’s Place Wealth Management, we have access any of the UK’s leading protection providers and plans which enables us to provide you with advice on some of the best protection policies available.

To book a no-obligation meeting with one of our Financial Advisers to discuss protection or any other financial matter, please call us on 0117 973 0500 or visit: www.fourwealthmanagement.co.uk.

Four Wealth Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website at www.sjp.co.uk/productsThe title `Partner Practice’ is the marketing term used to describe St. James’s Place representatives.

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