Financial Milestones

Jul 26, 2024

For many people, a life milestone can be what triggers seeking out some financial advice or protection – whether it’s setting up a pension, or taking on some income protection to make sure you can afford to pay your mortgage if you fall ill or lose your job. 

And, while everybody’s path and experiences are different, we’ve made this useful list of big milestones – and some tips to consider as you pass each one.

Buying Your First Home

In previous decades, buying your first home was a big step into adulthood. These days, many of us are already adults by the time we start hunting for the perfect property – but that doesn’t mean it’s any less of a big moment!

Deciding on a mortgage is an important decision, and it shouldn’t be taken lightly – as it’s something that’ll have a real impact on your financial future. 

It may be a good idea to speak to a mortgage broker, rather than going directly to the bank. As an intermediary between yourself and mortgage lenders, a mortgage broker has access to different offers while a bank may only have a limited number – which could mean you get a better deal!

Starting A Family

If you’re taking the first step into starting a family, you may be concerned about the costs involved. After all, baby formula, nappies, nursery furniture and baby clothes don’t come cheap – and that’s all before they’re old enough to want toys!

There are many different avenues that you can go down for financial help and advice when it comes to starting a family – during pregnancy, and after your baby has been born. We’ve outlined some of these below – but, remember, you may not be eligible. 

  • Maternity and Paternity Payments. E .g. Statutory Maternity Pay, Paternity Pay, Shared Parental Leave, or Maternity Allowance (if you’re not entitled to SMP).
  • Child Benefit. A tax-free payment, to help you to support your child. 
  • Sure Start Maternity Grant. Provides £500 to help your family get started. You can claim this within eleven weeks of your baby’s due date, or within six months of their birth.

This list isn’t exhaustive, as there are many other forms of support that you may be entitled to. If you have any queries, give us a call today – and we’ll be happy to help. 

Maintaining A Career

You’ve bought a fantastic home, you’ve started your family – and now you’ve worked your way to that dream job! You’ve got a good salary, and you’re looking forward to the security that that affords. But just how secure are you?

Unfortunately, things can go wrong. An accident or illness could mean your expected monthly salary doesn’t arrive – leading to missed mortgage repayments, bills, or other expenses.

  • Income Protection Insurance. This is an insurance policy that pays out if you’re unable to work due to critical illness or injury. 
  • Critical illness cover. This is a long term policy, which covers certain illnesses. It’s designed to pay out to cover medical bills, outstanding debt, and major outgoings such as rent or mortgage repayments.
  • Family income benefit. This provides a monthly income to your loved ones in the event of your death, to help replace your wages.

After You Die

Although it’s a bit of a leap from being at the peak of your career to planning your funeral, this is something that all of us have to consider during our lives.

Putting a Will in place offers peace of mind, as it ensures that your wishes are carried out after your death. It makes sure that your estate is left to the right person, names who you’d like to be the guardian/s of any dependents, and enables you to outline any other requests. 

Funeral arrangements can be expensive, with costs amounting to thousands of pounds. Putting a funeral plan in place can ensure that you get the send off that you’d like, as well as meaning that your family doesn’t have to worry about this expense in the event of your death.

While our list of life milestones isn’t all-encompassing, it’s a good starting point if you’ve never considered financial protection before. Give us a call today to discuss all of your options, and put a plan in place to protect yourself and your loved ones if the worst should happen. 

by | Jul 26, 2024

The information contained was correct at the time of publication but is subject to change

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