How Protected Is Your Family?

Raising a young family is one of life’s greatest joys, but it can also be one of the most demanding times financially. Between childcare, school costs, household expenses and mortgage repayments, there are always competing priorities for your money. Most families naturally focus on what they’re building - paying down the mortgage faster, saving for the future or investing for long-term goals.

Yet there’s another side of financial wellbeing that is often overlooked: protection planning.

Protection is about safeguarding what you already have and ensuring that, if life takes an unexpected turn, your loved ones can remain secure. It’s not about worrying unnecessarily, it’s about building confidence and peace of mind, knowing that whatever happens, your family has a financial safety net in place.

Why Protection Matters for Young Families

Life is full of uncertainties, and while we can’t prevent unexpected events, we can prepare for them. For young families, the stakes are often higher. With a mortgage to repay and children to support, the impact of losing an income can be immediate and significant.

Without protection, even a short-term setback, such as being unable to work due to illness or injury, can place a real strain on your finances. Mortgage payments, bills, childcare costs and everyday living expenses still need to be covered, and without a financial buffer, this can quickly become overwhelming.

Protection planning ensures that if something unexpected happens, your family doesn’t have to worry about losing their home, compromising on lifestyle, or facing difficult financial decisions during already challenging times.

Four Areas to Consider in Protection Planning

At Oakmere Wealth, we often help clients review their protection needs across four key areas:

1. Income Security

Your income is the foundation of your family’s financial stability. It pays the mortgage, covers household bills, funds school and childcare costs and supports your lifestyle. For most families, losing that income (even temporarily) would cause real difficulty.

Income protection is designed to step in if you can’t work due to illness or injury. It replaces a portion of your salary, giving you the reassurance that essential bills can still be paid and that your family won’t have to compromise on security.

2. Mortgage and Home Protection

For many, the family home is both the greatest financial commitment and the heart of family life. Ensuring that the mortgage is covered if something happens to you is one of the most important steps you can take.

Specialist insurance, and in some cases critical illness cover, can provide the funds to repay the mortgage in full. This ensures your loved ones aren’t left with the stress of keeping up payments at a time when they need stability the most.

3. Family Lifestyle Needs

Day-to-day family life comes with ongoing costs - from childcare and school fees to food, transport and leisure activities. These don’t disappear if an income is lost.

Considering how these expenses would be met is vital. Could your partner manage financially if you weren’t there to provide? Would your children’s education or activities be disrupted? Thinking through these questions allows you to create a protection plan that truly reflects your family’s needs.

4. Emergency and Long-Term Planning

Alongside insurance, building an emergency savings fund provides resilience. Even a cushion of three to six months’ living expenses can make a significant difference, giving you breathing room if income is disrupted.

Long-term planning, such as reviewing or creating a will, appointing guardianship for children, and keeping protection policies up to date, adds another layer of security. It ensures that your wishes for your family are clear and that your loved ones are provided for.

The Benefits of Planning Ahead

Taking the time to review your protection arrangements gives you:

• Clarity - knowing exactly what cover you have, and whether it’s enough.

• Confidence - that your family will be financially secure, even if life changes suddenly.

• Control - over your future, ensuring your plans reflect your goals and values.

Rather than reacting in a crisis, you can rest assured that your family’s needs have already been thought through and provided for.

How Oakmere Wealth Can Help

Protection planning can feel overwhelming - with different types of cover, varying costs and many providers to choose from. But you don’t have to navigate this alone.

At Oakmere Wealth, we take the time to understand your family’s unique circumstances, your priorities and your long-term goals. We then help you put the right protection in place, so that you can enjoy life with your family, confident that your financial future is secure.

Because ultimately, financial planning isn’t just about growing wealth - it’s about protecting it.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

SJP Approved: 21/11/2025

Oakmere Wealth Management is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. *The 'St. James's Place Partnership' and the titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives.