As a self-employed individual what cover should I have to protect my family financially – should something serious happen?

12th July 2017 Savings and investments CHW Accounting

According to research from Scottish Widows more than a fifth of the population (21%) said that their household would not be financially secure for any length of time if it lost its main income through unforeseen circumstances.

Whilst many illnesses that were previously fatal are now survivable, it makes sense to protect yourself and your family from the financial fallout of a serious illness.  You’ll need time out to recover and this can also accentuate the financial impact.

Thousands of middle-aged people in the UK are being forced to borrow money from their parents because of the financial cost of having cancer. Macmillan estimates that more than 30,000 people with cancer in their 40’s have borrowed money from their elderly parents, and more than 2,000 have moved in with family after financial constraints have forced the sale of their own property.

CHW Bolton Accountants can offer advice to those struggling to know what to do in their current situation or for those wanting to protect themselves should something serious happen.

At a time when welfare reform is significantly changing benefits it is important to take time to consider the financial resources available to you for those ‘what if…’ and ‘how would we…’ scenarios. This will potentially help safeguard your financial future and well-being.

Several solutions are available to ensure you have cover for such instances. Critical Illness cover pays a tax-free lump sum on diagnosis of a specified condition covered by the policy, or Income Protection Cover can provide a regular income if you’re unable to work because of accident or sickness so you can continue to meet your financial commitments when your income stops.  Alternatively increasing your savings provision on a regular disciplined basis is a consideration.

If you’re looking for advice in regards to Critical Illness cover, contact CHW Bolton Accountants by clicking here to contact us or call 01204 414243.

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