Safeguarding your Financial Wellbeing

It’s easy to buy financial products. Providers are always keen to advertise, and keener still to sell you whatever it is they offer.

Insurance is no different. The latest count of the industry numbers more than 400 providers, all keen to offer you protection, be it for your home, car, health or life. 

But be careful. Do you understand the details of the cover? Is there small print you need to be aware of? Is the premium reasonable, or are you paying far too much?

Do they understand your circumstances for not only you, but for your family?

The answer to these questions is probably ‘no’ – unless you are talking to an independent financial adviser.

What exactly is an independent financial adviser?

An independent financial adviser (or IFA) must offer independent advice and can source financial products from the whole of the market. Their only focus is you and your needs.

In the United Kingdom IFAs are regulated by the Financial Conduct Authority (FCA) and must meet strict qualification and competence requirements. They need an FCA recognised Diploma in financial planning and a current and valid Statement of Professional Standing (SPS). They must have at least a year’s experience and be listed on the Financial Services register. 

Why you need an expert for insurance 

Your Financial Adviser will conduct a detailed survey of your financial position, preferences and objectives known as a “fact find”. 

The adviser will then recommend ways to meet those objectives; and only then recommend a suitable financial product to match your needs.

Insurance is a complex field. Take life cover, for example.

Life insurance provides financial support to loved ones in the event of the policyholder’s death. It ensures that dependents can maintain their quality of life and financial stability even after the loss of the primary breadwinner (as long as you have maintained your premiums, Life Insurance covers you for a specific term and pays out only if you die within that term, and Life assurance covers you for your entire life).

Cost and details of cover vary widely. You could simply buy a policy from a reputable provider, and hope you have the cover your family would need. But their future is too important to leave to hope. 

An adviser could help you ensure:

  • You have the most appropriate level of cover. You need enough cover to answer your loved ones needs, and not too much, which will send the costs skyrocketing. Ensuring you’re not over-insured or under-insured needs an unbiased expert view.
  • You have the most suitable type of cover. Whole of life insurance, term cover, diminishing or increasing cover – getting the type that’s most suitable for you is simpler with an independent expert.
  • Your cover has the features you need. Life cover may only be part of a comprehensive protection plan to provide financial security in case of illness accident or unemployment. Knowing all the possibilities, and how to bring them together demands expert knowledge. 
  • You get your cover for the price that suits your circumstances IFAs have a deep understanding of the insurance market and can help you find cost-effective solutions without compromising on coverage. They will always review the entire insurance market to get the cover you need for the smallest monthly premium available to your circumstances.

Life cover is just one example of the types of protection available to help you and your family, ensuring you are protecting your financial wellbeing.

Get an IFA working for you

At Continuum we are independent, and our advisers can provide the expertise you need not just on insurance, but for all types of personal financial questions.

To get the insurance protection that you really need – and pay less for it, call us today.

The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable Protection products, you should seek independent financial advice before embarking on any course of action.

Number of UK insurance companies by sector 2022 | Statista

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