Protecting your income and your family's health
Safeguarding your health and income
Many people spend their lives sorting out housing, investments, financial reserves or provision for retirement. Yet the most important thing of all – protecting their own income and health – often comes last.
Why it gets put off
There are usually plenty of reasons
“Nothing will happen to me.”
“Insurers never pay out anyway.”
“Life insurance is too expensive.”
“I have a financial reserve and investments, so I don't need it.”
“I already have some kind of policy.”
“I'll sort it out later.”
Whatever the reason, one simple question matters more
What would happen to your finances if illness, disability or a long-term injury significantly reduced your income?
A household's income can change practically overnight. But the mortgage, energy bills, everyday expenses, the children's needs and other commitments carry on regardless.
How we go about it
First we run the numbers, then we insure
That's why, when setting up protection, we don't start by choosing an insurer or by asking how much you want to pay each month. First, together, we work out what financial impact each of the more serious situations would have – not only on your household, but above all on your bigger, long-term goals.
This allows us to determine together exactly how much money you would actually be short of, how long it would need to last and which risks are worth insuring at all.
Equally, it may turn out that you can easily cover some risks from your own reserve, and paying to insure them would make no sense.
What goes into the calculation
- 1Your income
- 2Your partner's income
- 3Essential family expenses
- 4Financial commitments
- 5Financial reserves
- 6Assets
- 7Income you can expect from the state
Existing policies
Have you had life insurance for several years?
Even that doesn't automatically mean everything is taken care of. Circumstances change, incomes grow, and mortgages, families and new commitments come along. A policy that made sense five or ten years ago may therefore no longer match what you actually need to protect today.
With older investment-linked or endowment life policies, we can also compare mathematically whether it makes sense to keep the current arrangement or to separate insurance from investing.
Not based on gut feeling or general claims, but on how much you have in the policy today, what a change would cost and how the individual options might work out in the future. So it isn't about having as much add-on cover as possible, nor about hunting for the cheapest policy.
The aim is to know exactly what you are protecting, why you are protecting it and whether you are paying a fair price for it.
Your specialists
Daniel Beneš
Wealth Consultant
Ing. Kateřina Juričová
Wealth Consultant
Do any of the situations above apply to you too?
We will help you review your current set-up with no obligation, or work out what protection for your income and family finances would make sense in your particular situation.