One of the most difficult things about suffering a debilitating illness or the death of a loved one is dealing with the financial consequences. Those financial consequences can range from loss of income to unforeseen expenditure such as the cost of care or adapting a home. If the right amount of capital is not available at the right time it can have major repercussions for your family’s well being.
Very little can soften the blow of such bad news, but by not having to worry about your finances via a financial protection plan there is one less thing to concern you. This can:
• clear debts such as your mortgage
• provide regular income
• and/or provide a capital sum with which to face the future.
Many people have ignored this threat either because it is too sensitive or because they do not know how to quantify the potential consequences.
I will lead you through the difficult questions and help you draw your own conclusions. A conversation that may last a few hours could provide you with financial peace of mind for a lifetime.
Financial protection plan options:
1. Life Assurance / Terminal Illness Benefit – allows a life assurance benefit to be paid on death or diagnosis of a terminal illness
2. Income Replacement Benefit – provides a long term tax-free income when you are unable to work due to illness or accident
3. Critical Illness Benefit – provides tax-free capital on diagnosis of a serious illness
These benefits cannot prevent the illness, but they can remove the financial anxiety they would otherwise cause.
Benefits are tax-free and we will usually recommend the use of specially designed trusts to ensure prompt payment and flexibility. Many of our clients find that a great financial burden is removed knowing that they have properly addressed the issue.
Trusts are not regulated by the Financial Conduct Authority.