Protecting and Growing — Family Finances Guide
A practical guide to life insurance, income protection, investment basics, and joint financial planning for UK families.
Whether you’re trying to understand what a pension drawdown is, deciding if you should overpay your mortgage, or checking this year’s tax allowances — we’ve written a guide for it. Everything here is free, jargon-free, and written for real people, not finance professionals.
This Guide is For You If…
- You have a mortgage and/or dependants.
- You’re not sure if your life insurance is enough.
- You want to start investing but aren’t sure about risk.
- You need to plan finances as a couple.
Protection Comes First
Before you grow your wealth, make sure your family is protected if something goes wrong.
- Life insurance: enough to clear the mortgage and replace your income for the years your children are dependent.
- Income protection: replaces your income if you can’t work through illness or injury — the most underrated insurance.
- Critical illness cover: pays a lump sum on diagnosis of a specified condition.
- Employer death-in-service: check what you have — it’s usually 2–4 times salary.
The Protection Gap
Most families are underinsured. The gap between what you need and what you have is your protection gap.
- What does your family need per year?
- For how many years?
- What cover do you already have?
- The difference is the gap you need to fill.
Getting Started with Investing
Investing is how you grow your wealth over the long term. You don’t need to be an expert to start.
- Time in the market beats timing the market.
- Start with a low-cost global index fund if unsure.
- Understand your risk profile: how long until you need the money? Can you stomach a 30% drop?
- Use an ISA wrapper for tax-free growth.
- Don’t invest money you will need within 5 years.
Joint Financial Planning
If you are managing money as a couple, you need the full household picture.
- Combine net worth views — you need to see both sides.
- Both partners should know where everything is — In Case of Emergency letters help.
- Consider: who is more vulnerable if the other dies? Plan for that scenario.
Pension Housekeeping
If you have changed jobs a few times, you likely have pension pots scattered around. Time for a tidy-up.
- Consolidate old workplace pensions — but check for guaranteed benefits first.
- Make sure both partners are building adequate retirement provision.
- Consider the pension impact of career breaks — common for parents.
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