The start of a new year is a great opportunity to reassess your finances. In 2023, with difficult economic conditions causing cost-of-living difficulties for many, it is especially important to make sure everything’s in order.
Protection is an essential part of long-term financial planning. The right protection for your unique needs is an indispensable safety net against any unexpected downturn in your financial situation.
Is the level and type of cover you have suitable for your current needs? If your circumstances have changed, it is possible that you might need to update your cover too. We know that soaring prices and bills are making things challenging right now. That’s why it is more important than ever to consider the role protection plays in your financial plan. Having the right protection in place provides certainty in the most challenging times.
When assessing your finances, it is important to think carefully about your decisions. As well as leaving you and your loved ones without essential cover, if you cancel your protection now then take out a new policy in the future, it will more likely than not end up costing you more. Think about any other spending that could be cancelled first. Remember that cancelling protection can undermine a carefully constructed financial plan.
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If you are thinking about changing your protection in the new year, don’t act in haste. Contact us today to see how we can help.