Could your surviving partner’s income cover all the bills?
Marriage is a significant ‘life event’ which often brings new priorities and responsibilities to your financial planning.
When you combine two incomes and assets there may be an imbalance – you may well have financial commitments, such as funding large mortgage repayments, one of you could not afford to pay alone.
The complete loss of one income could result in losing your home or other assets plus a drastic change in lifestyle for the surviving partner. The cash pay-out from a life insurance policy could help to ensure that your partner doesn’t have to uproot and make drastic changes to their life during an incredibly stressful time.
What if you or your partner becomes too sick to work?
A critical or long term illness can impact your finances because you might have additional care needs and might lose an income for a period of time. This could put a burden on your partner who will now face extra costs at a time when your household income has reduced. The pressure on a bread winner to return to work can also be great at a time when they should be focusing on recovery.
Real Life Advice can help by providing a free analysis of your current and future financial protection needs. Call us for a free, no obligation initial consultation with one of our expert Protection Advisers.