Life stages: we're at your side as your financial needs change

From buying your first home and starting a family, to planning for retirement, your financial needs and priorities will change throughout your adult life.

Different life stages - as well as the unexpected, such as coronavirus - can trigger the need for different financial requirements, and we at NFU Mutual can support you with expert financial advice throughout your journey. Having a conversation with a trusted expert can help you feel confident about your decisions and avoid making costly mistakes.

Buying a house and starting a family

Buying your first home can feel like a daunting entry into the world of finance; one of mortgages and interest rates to get your head around.

This can be a hectic and expensive time of life – and you may also be starting a family. At 34, the average age of a first-time home buyer in the UK is very close to the average age of new mothers (30.7) and fathers (33.6) in England and Wales.

With the responsibility of a mortgage, you’ll need to think about how your family would cope if you became ill and were unable to work or died. We can help you plan so that your loved ones are protected. We've teamed up with AIG to offer a range of life insurance, income protection, and critical illness products to minimise the financial impact that your death or a long-term illness could have on your family.

Unexpected events and uncertain times, such as the coronavirus pandemic, can also concentrate your mind on what’s really important. An NFU Mutual customer survey showed that nearly one quarter (24%) of customers with life cover either have reviewed or are thinking of reviewing their cover as a result of coronavirus.

Making your money work as hard as possible

Money can be tight when you’re paying a mortgage, while also contending with the costs of raising small children, such as nursery bills.

So, it’s important to ensure you’re making the most of your hard-earned income. Our Financial Advisers can explain a range of options and help you to make smart, tax-efficient investment decisions.

Continuing your life journey, you might soon consider starting your own business; the average age to become an entrepreneur is 40. Building a company is a tough journey, and we’ll be on your side, here to provide advice on business protection insurance and employee benefits.

Planning for retirement

By this stage of life, you’re also likely to be looking ahead and planning for retirement - even if it still seems in the distant future. It’s best to start investing as soon as you can, even if it’s just a small amount each month.

There are a range of choices and options available when it comes to setting realistic retirement goals. We can provide expert financial advice to help you make the right decisions, work out the level of income your existing plans could deliver and what you need to do to help you get the income you want in retirement.

Retirement and Inheritance tax planning

The time arrives to enjoy the spoils of many years of working and saving.

At retirement, you’re again presented with many options about how to best manage your finances. If, for example, you want to better understand how and when to take your pension benefits, or if you are planning to release capital from downsizing or selling a property, our trusted advisers can help point you in the right direction. They can also help with the complicated process of planning how inheritance is passed on, helping you to leave your money to your family rather than the taxman.

Put your financial plan in place

There are two ways you can put your financial plan in place, by making decisions about what is best for your circumstances with the support of an NFU Mutual Financial Adviser, with our advised service, or by making those decisions yourself, through our non-advised service.

Our advised service provides the help of NFU Mutual Financial Advisers who will create a plan, which will recommend the investments, pension, life cover and protection products that are best for you, based on your personal circumstances. Our non-advised service is designed for people who have carried out an assessment of their own personal circumstances and know the type of products they want and are seeking to implement their own financial plan.