One of the big questions we ask our clients is:
“If one of you died or couldn’t work due to illness, what financial impact would this have on you? What would the emotional consequences be?”
Sometimes it’s a difficult question to answer and it needs a lot of thought. We can look at your finances and make a good guess because we know that bills have to be paid. The emotional fall-out is often something far removed from you, unless you have been close to someone who has been through ill health.
One way to survive the financial impact is to put in place insurances that will do things like:
- replace your income if you are ill
- give your family a lump sum of money if you die
- pay off debts if you are ill or die
Insurance has come a long way in the last 5 years with many insurance companies offering a range of support services to help you to get back on your feet quicker. This could be access to therapies, counselling and second medical opinions.
But what does this help look like in real life?
Seven Families was a charity led campaign to provide a tax-free income, for one year, to seven people who had lost their income because of a serious or long-term illness or disability. Working with many of the UK’s insurance companies, the seven families were given a replacement income and help via the support services available to raise awareness of how insurance can help at a desperate time.
The campaign aimed to highlight the need for people to plan financially in case they become too ill to earn an income – supporting those who hadn’t taken insurance out.
One of those families was the Pickford family.
Paul Pickford from Bolton was fit and healthy and ran a car dealership. In November 2012 at the age of 42 he suffered a brain stem stroke while at work. He is now paralysed and cared for by his wife, Vicky.
Having no insurance in place, Paul’s family was helped by the campaign. His heart breaking journey can be watched on the 7 families website http://7families.co.uk/
The need for advice
From speaking to our clients it is obvious to us that many people don’t know what insurance is out there – or how it really benefits them.
Lack of knowledge means that people don’t take out insurance and therefore leave themselves in a very vulnerable financial position should the worst happen.
As professional advisers we are passionate about educating you about the risks of not putting insurance in place. We work with you to put in place cover that ensures you aren’t worrying about money on top of the worry of ill health.
If you have no financial protection in place, or want to review what you do have, we can help.