Many of us know someone who has died young, or who has had a serious illness, and this can have a massive impact on family finances.
But how many of us have seriously thought about how long we could pay the bills for if we were unable to work.
It is a simple calculation to look at what you have in savings, and to compare this against your monthly spending. How long would this last?
This does not only apply to wage earners. Legal and General, in their 2015 Value of a Parent survey, value the domestic work a Mum does each year at £29,535. For Dad’s it’s £21,601.
If as a parent you were unable to cook, clean or look after the children due to an accident or illness would your family be able to cope financially?
Would one income be enough to pay the bills? Or would you have to give up work to become a carer? State benefits are probably a lot less than you think, and would probably not even cover the bills. If you have a mortgage could you even end up losing your home?
Did you know you may be able to protect your income in the event of accident or sickness for Less than £5 per week.
That’s less than 2 Starbucks coffees, Less than 2 Pints in the pub, Less than a Friday night take away.
As an example:
A 40 year old male, non-smoker, paying £20 per month could receive a tax free income of nearly £865 per month if unable to work due to accident or sickness (subject to underwriting).
This type of income protection cover is also available for manual workers with accident cover included from day 1
So for less than £5 per week you could have peace of mind that your financial situation would be in order leaving you to concentrate on caring for your family.
Contact us today to discuss your protection needs or any other financial matters, an initial meeting is free of charge.
Quote based on a 40 year old male, payment after 3 month deferred period, assuming acceptance at normal rates. Data correct at 12/11/2015.