Protect your future

Unforeseen life events and circumstances can potentially impact your finances in a number of ways. Be prepared if life throws something unexpected your way.

Hundreds of thousands of people are diagnosed with cancer each year in the UK, and it is becoming more common among those of working age, necessitating them to work reduced hours or stop altogether. At a time when welfare reform is resulting in significant changes to benefits such as child and working tax credits, income-based job seeker’s allowance, and income support and housing benefits for those renting and with a mortgage, families need to do all they can to protect themselves in the event of the unexpected happening, so that sufferers can make getting better their number one priority.

“It’s essential to make sure that your family is financially protected against the impact a critical illness could have, especially if your family relies on you financially”

But fewer than one in ten (8%) people in the UK have critical illness insurance, and just a third (34%) have life cover, with many people appearing to bury their heads in the sand when it comes to having a financial back-up plan^[1].

One in five (21%) people in the UK admit their household would not be financially secure for any length of time if it lost its main income as a result of serious illness, and almost half (47%) admit that their savings would last just six months or less if they became unable to work.

If you were to become seriously ill, would your loved ones struggle to keep up with household bills and the mortgage? It’s essential to make sure that your family is financially protected against the impact a critical illness could have, especially if your family relies on you financially.

You would receive a cash sum if diagnosed with one of many specified critical illnesses covered during the length of a policy, which could help to cover things such as childcare costs and household bills. Alternatively you may want to use the pay out to make adjustments to your home or lifestyle, to pay for medical treatment, or even to take that trip of a lifetime to help you recover.

An alarming number of families could face a significant financial struggle in the event of an unexpected loss of income due to serious illness or death. If the unexpected happened to you, it’s crucial to have the appropriate provision in place to protect your finances and ensure there’s a safety net in place. To discuss your situation, contact the team at Harris Begley, who are able to offer sound financial advice based on your individual circumstances.

Source data:

[1] Scottish Widows’ protection research is based on a survey carried out online by Opinium, who interviewed a total of 5,077 adults in the UK between
16th and 27th March 2017.

[2] Cancer Research UK

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. Although endeavours have been made to provide accurate and timely information, we cannot guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough review of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions.