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How protected are your finances? Try our 10-point checklist

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This content is for information purposes only and should not be taken as financial advice. Every effort has been made to ensure the information is correct and up-to-date at the time of writing. For personalised and regulated advice regarding your situation, please consult an independent financial adviser here at Castlegate in Grantham, Lincoln or other local offices.

COVID-19 has brought a looming shadow over the UK economy, and many are concerned about their finances as the Job Retention Scheme winds down in October 2020. Whilst some might feel powerless about their financial situation, the good news is that there is much you can do to shore up your financial protection in the months ahead.

Here at Castlegate, our Grantham-based financial advisers offer this 10-point checklist to help you assess your protection profile. This should help you to identify possible gaps in your protection plan, and give you an idea of which areas might need discussing with your financial adviser to ensure greater financial stability for you and your family. If you would like to discuss any of these matters or discuss your own financial plan with us please get in touch to arrange a no-obligation financial consultation, at our expense:

01476 591022


#1 Do you have a monthly budget written down and have you reviewed it within the last 30 days?

#2 Do you have an easy-access emergency fund with at least 3-6 months of living costs?

#3 If you have credit card debt, car loan debt or other debts (e.g. personal loans), does this amount to more than £50 each month? 

#4 When did you last review your current mortgage rate? 

Your mortgage payments are likely to be your biggest monthly expense. Ensuring you are on the best deal for your financial situation and goals is a good way to save money.

#5 If the worst were to happen to you, do you have life insurance in place to pay off the outstanding mortgage? Have you reviewed this policy to ensure it’s up to date?

#6 Do you have critical illness cover in place to provide a lump sum should you contract cancer, have a stroke or experience another serious illness/injury?

#7 If you were suddenly unable to work due to ill health or injury, do you have an income protection plan in place to replace some of your lost income?

#8 Do you own a business with key shareholders or are you a key shareholder yourself? If so, is there a protection plan in place to protect the business should a shareholder die?

#9 If your estate is likely to face an inheritance tax (IHT) bill when you die, is there a protection policy in place – within an appropriate trust – to help cover the liability?

#10 Do you have up-to-date life insurance, private medical insurance or other protection policies offered through the workplace? 


If you are interested in discussing your own financial plan or protection strategy with us, please get in touch to arrange a no-commitment financial consultation at our expense:

01476 591022