Stay Wealthy

If you have wealth or money, then you will want to protect it. What can you do to get this, or to protect yourself should things take a turn for the worse?

This is an important question and you need to look at risk and reward. There is a risk that anyone may suddenly get ill or in the worst case die. If you are prepared to accept the risk of potentially being injured and not being able to work again, then do nothing.

For everyone else, consider taking out a suitable insurance product. Whilst this costs money, there is the comfort that should something bad happen, you will at least know that financially there is support and money available to you.

If you have dependents who are living through the money you earn, then it becomes particularly important that there is some insurance in place - if just yourself with no dependents then perhaps less so. Those with dependents should definitely consider some sort of life insurance.

Similarly with your mortgage, you can decide to take out protection insurance on your mortgage too.

If you have savings or money, make sure you are doing the best you can to protect it. That means using your maximum ISA allowance each year to protect the money up to your limit against tax.

The bottom line as ever is to spend time thinking about and working through possible scenarios and ensuring that your money is working as hard for you as it possibly can be, and that should something unforeseen happen, you have safeguards in place to cushion the financial impact.