Why protect the plan?
A financial plan only works if it survives the unexpected. Protection and a will are often overlooked, but they keep everything else standing if you cannot work, fall ill, or pass away. Wills and protection are often overlooked until they really matter.
What protection covers
Protection is general financial cover for difficult events. The main types people consider are:
- Life insurance: a payout if you pass away, often used to clear a mortgage or support dependants.
- Income protection: replaces part of your income if illness or injury stops you working.
- Critical illness cover: a lump sum if you are diagnosed with a serious condition.
What is right for you depends on your circumstances, your dependants, and any cover you already have through an employer. This is general information rather than a recommendation, so working out your specific protection needs is best done with a qualified adviser. It is also not something that can be built into your Illora plan for you.
A good prompt to consider protection
If others rely on your income, or you have a mortgage or young children, it is worth setting aside time to review whether your current cover matches your situation. A sensible next step is to speak to a qualified adviser or protection specialist about any gaps.
Why a will matters
The house view is simple: everyone should have a will in place. Without one, the law decides who inherits your estate, and that may not match your wishes. A will also makes things far easier for the people you leave behind.
A will lets you name who receives what, appoint guardians for children, and reduce delays and stress for your family. It is worth keeping it up to date after major life events such as marriage, children, or buying a home.
Take the next step
Setting up a will is usually straightforward, and many people use a solicitor or a regulated will-writing service to do it properly.
That completes the Illora Blueprint. If you want to revisit the full order, head back to the overview.
