When a family is considering the need for financial planning, the first thing to consider is the need for financial protection.

What would happen to the family if one or possibly both of the bread-winners were unable to contribute financially any longer due to illness, disability or death? This is particularly important when there is only one bread-winner.

The cost of providing financial protection for a family need not be expensive but does give significant peace of mind.

It is very important however to ensure that any policies are established in an appropriate manner so that not only are the proceeds paid to the correct person or persons, but that they are also paid in a timely and tax efficient manner.

Professional advice is critical when establishing or reviewing policies so as to ensure that the sums assured are appropriate and that they have been established in the correct manner.