We thought long and hard before discussing this topic, especially when we first published it back in April. But we thought it’s an important topic to discuss… I’m sure a lot of you have thought: “what if the worst happened?” as a result of this terrible virus, and ultimately there’s four things you need to think about from a financial point of view:

1. Life Insurance

First things first. Don’t cancel your life insurance just because times are hard. Whilst some groups of people are more at risk than others, none of us are completely safe.

But what if you don’t have life insurance cover or don’t think you have sufficient cover? Prior to the Covid-19 outbreak, life assurance companies were typically offering terms for 95 out of 100 applicants. Since adjustments were made to allow for these additional conditions, terms were typically being offered to 86 out of every 100 applicants.

The key message here is yes, the number of acceptances have reduced but this is only due to medicals not being conducted whilst adhering to the current social distancing rules. Ultimately, as far as premiums are concerned these have not been impacted.

Saj from A4G Wealth has put together an article detailing what insurance you need to protect both your business and your loved ones.

The insurance cover you need and how it works

2. Wills

Preparing a Will can seem daunting enough usually, even more so what’s happening with the coronavirus pandemic. Nobody wants to think about what will happen when they die. But it’s a fact that if you’re an adult and you have assets: you need a Will. Throwing a business into the mix only increases the number of issues that need to be considered.

In this article, Mark, of A4G Legacy, provides a brief overview of everything you need to do as a business owner to protect your family and business. Clue: You need a will.

What you need to do to protect your family and business

3. Lasting Power of Attorney

You’ve probably heard of a Lasting Power of Attorney (LPA), but we’ll forgive you for not understanding what it is and why you should have one.

Many people assume that if they lose physical or mental capacity their spouse can automatically take control of their affairs. This is not true. It is also not true that LPAs are only for an elderly or vulnerable person. For example, if you were incapacitated in hospital as a result of the virus, your attorneys can make decisions on your behalf financially and for your health and welfare.

Mark, of A4G Legacy, details why we should all consider having one, especially as a business owner and sadly, through these uncertain times.

Why you need a Lasting Power of Attorney

4. How to spare your loved ones an Inheritance Tax bill

No one wants to leave behind a hefty bill for their family to deal with, especially during these difficult times. Whilst tax may not be at the forefront of your thoughts right now, it is a large expense that should at least be considered. After all, you have worked hard and paid taxes all your life, so if you don’t have to, why give the man another chunk?

How to help your family financially, without incurring a big tax bill

If you want to protect yourself and your family, please get in touch with us by contacting your Client Manager or emailing us at discovery@a4g-llp.co.uk and we will put you in touch with the right specialist.

Providing some protection alongside a review of your Inheritance Tax position and ensuring your Will is up to date will give your loved ones peace of mind and avoid financial hardship for them at an already difficult time.

Want to find out more?

Call us on (01474) 853856 and we will put you in contact with one of our advisers, or send us an enquiry by clicking below.

Send us an enquiry