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01 Jun 21
Thinking about the unthinkable! Are your protection plans in place?
We never think that anything bad will happen to us, but the pandemic of the last 15 months has shown us that we never really know what is going to happen next…..writes Tabitha Boydell, our Marketing Executive. We can have plans, hopes, dreams and aspirations but sometimes the universe throws us a curveball.
My own curveball was when my husband got hit by a car in 2016. He broke his arm and leg and was unable to work for six months. The time of the accident, hospital stay and recovery was a stressful and worrying period. Luckily, he was on full pay from his work which meant that the additional expenses we incurred such as mobility aids and a special bed for the house didn’t make too much of an impact on the household finances. However, if circumstances were different it could have had a devastating effect!
It’s not just the cost of the extra items we needed to get him through those six months, if he had relied on statutory sick pay we would have struggled to pay the mortgage and bills on one income. We do have life insurance as a condition of our mortgage so if the absolute worse had happened, it would have paid off the outstanding amount remaining.
If you became unable to work, either temporarily or permanently, do you have a plan? Would you be relying on savings or SSP if the unthinkable happened? There is that phrase ‘saving for a rainy day’ but why should a major life crisis be that day? Surely you would prefer the rainy day to be something positive and a nice reward for saving hard for all those years?
The good news is that there are two types of Financial Protection that could help you in these circumstances.
Income Protection Cover
This type of protection pays you a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire. It will give you and your family peace of mind that you will receive a regular income if something happens to you, regardless of your employment sickness policy.
Critical Illness Cover
This is a form of financial protection that means if you became critically ill, you would receive a lump sum with which to do as you wish. It doesn’t cover accidents but does cover major illnesses such as cancer, strokes, terminal illness, heart attack and kidney failure. The lump sum provided by this type of protection could also cover the costs if you required round the clock care as a consequence of your illness.
Don’t forget, by the time you need to claim on a protection policy, it is always too late to take one out if you haven’t already! To ensure that you and your loved ones are fully covered, speak to us about Financial Protection today.