There are many reasons why income protection should be considered an important aspect of wealth planning across generations. However, over the course of its lifetime it has often been left out of the cohort of useful tools, leaving beneficiaries unaware of the possibilities that the right policy could offer financially, if adopted correctly.
Chris Dunne, proposition manager at Scottish Widows, says there is a need to “normalise the protection conversation as part of family financial planning”, suggesting there is a gap between the opportunities it presents to families and uptake in this area.
He explains to FTAdviser: “Holistic financial planning is made up of asset creation and asset preservation, and given that the most valuable asset any individual has is themselves and their ability to generate an income, this plays into the asset preservation space.”
The below articles explore the ways in which this area of financial planning is somewhat neglected in intergenerational wealth planning, and how it might be used to the benefit of families and their futures.
This guide is worth 60 minutes of CPD.