Insurances

Many people see insurance as a grudge purchase. You pay for something you hope you will never need.

In practice, insurance plays a specific role in a financial plan. General insurance such as house, contents, vehicle and professional cover protects assets. Personal insurance is about protecting people and income.

Personal insurances can include life cover, trauma insurance, income protection, and health or medical insurance. These policies are designed to provide financial support if illness or injury interrupts your ability to work, meet commitments, or achieve longer-term goals.

When insurance is set up properly and matched to your circumstances, it can reduce financial stress at times when decisions are already difficult. It does not prevent things from going wrong, but it can limit the financial consequences when they do.