Five Top Tips for Financial Protection

Insurance plays a key role in the lives of financially successful people.  Taking a proactive and positive attitude when it comes to your personal insurance choices means you recognise the value that a full range of protection can bring to your family, career and finances.

Where do you start with financial protection? From covering family income and school fees through to inheritance tax or the unfortunate event of serious illness.  Financially astute clients understand exactly how these fit in with their professional and personal goals. Here’s how to make protection a key part of your personal financial planning:

  • Take advice
    Financial services is a rapidly changing area. With legislative change constantly shaping the landscape, it’s a space increasingly difficult to navigate.  HNWI clients understand that expert advice is now a requirement rather than a ‘nice to have’. We believe this is applicable to all private clients and work with them to help set, review and achieve their short, medium or long-term financial goals.
  • Don’t go it alone
    It can be overwhelming to scope out the best plan for your personal needs and those of your family. There are great IFAs out there to help. Look at this as a long-term partnership and invest the time in finding the right IFA for you; one who understands your personal and professional goals.  Go with someone product agnostic too, so you’re confident they’re recommending the right financial products for your specific needs, rather than ones they are tied into commercially.
  • Take a big picture view
    A great starting point is to look at the full range of your financial outgoings and map these against any potential threats to their sustainability. What are the risks to your core commitments and how can you safeguard against these? Where is the weakest link?  Where does your existing insurance sit within this context and where are the gaps? Understanding this will set you in good stead to developing a strong protection plan.
  • Evolve your plan
    Circumstances change, be it your financial situation or personal status. Work with your insurance partner to ensure your protection plan reflects where you are in your life now.  This is the best way to make it as effective as possible. We recommend an annual review.
  • Make insurance part of the plan
    By building insurance into your financial planning, the commitment becomes less overwhelming and indeed, can be more cost effective. Financially smart people understand the value insurance brings to their lives – personally and professionally. Investments, retirement planning, financing property purchases all play into your plan; financial protection has a place here too be it for life insurance, private medical, school fees or inheritance tax planning.


More information can be found at Macbeth’s Insurance Secrets campaign:

*Information correct as of 1st May 2016

Author: Simon Claxton | September 28th, 2015

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Simon Claxton
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767