Depending on your personal circumstances, a number of products and services may be available to help you protect your wealth and financial stability. These include:

• Life assurance - these products are designed to provide financial cover for your family and dependants in the event of your death. Life assurance policies can be used to protect your children and/or spouse by providing an income, clearing your debts and mortgage, and providing money for future needs such as higher education
• Critical illness insurance - this type of insurance will pay out if you suffer a critical illness, such as a heart attack, stroke or cancer, that affects your lifestyle or ability to work. Critical illness policies can be arranged in conjunction with life insurance, with payouts available as a lump sum or as a regular source of income
• Business and corporate protection - shareholder protection or partnership protection insurance can be obtained to protect the equity value a director or partner builds within their business, while key man insurance provides a payout to the business in the event of the death of a key employee or director
• Income protection - this form of cover provides you with an income after an agreed deferral period if you are unable to work through an illness or accident, with this income being paid until you recover, retire or die. Income protection can be arranged for groups of employees, and executives can be covered through personalised executive income protection
• Estate protection – protection planning can be a useful way of managing gifts from your estate, along with potential Inheritance Tax liabilities.

By speaking to an IFA, you should be able to make an educated decision about which type of financial protection will best suit your specific needs.

When you’re young is when the impact of a life changing event such as serious illness or even death could be felt most if you have a family who are reliant on the income you bring in.

Many people have a mortgage or loan that would need to be repaid if you have died. If you became ill, your sick pay from work may not be sufficient to cover bills.

When you're younger and healthier, you pose less risk to an insurer, which is why you’re likely to be offered the most affordable cover. Also remember, by the time you need to claim, it’s ALWAYS too late to take out a policy.

An Independent Financial Adviser can use their knowledge and expertise to assess what would be the impact to you and your family if the worst happened. They can ensure that the policy you take out fully meets the needs and requirements of you and your family, so you are fully protected should you become unwell or die.