Industry News

Family 'at risk' from lack of insurance

Posted on 11th September 2009

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Nearly half of parents have said their family would not be able to cope in the case of a long-term illness.

Alan Dick, certified financial planner at Forty Two Wealth Management, said parents could not afford to leave their children's wellbeing to chance should something happen to them.

"It is not just the financial aspects that need to be considered by […] families but also the social aspects."

He added: "It is vital to ensure that anyone named as the guardian of their children is aware of [their wishes for the care and maintenance of their children] in the event of their death."

Phil Perry, director of Ark Financial Planning, recently spoke of the importance of writing a will.

He asserted that neglecting to properly plan for a death could have all kinds of consequences (comma or dash) including higher inheritance tax.