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

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.


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.

DID YOU FIND THIS USEFUL?

Share it with your network:  

Want more great content?
Sign up to our newsletter

    Follow us

    Tweets by @CHW-accounting

    CHW-Accounting
    @chw-accounting


    Twitter: chw_accounting

    Read enough?

    Want to find out how we can help you and your business? Get in touch today and let's have a chat.

    WHAT'S THE NEWS?

    Grab a biscuit and a brew and read our latest news.

    8 March 2022

    Temporary reduced VAT rate for leisure and hospitality to...

    by

    On 8 July 2020, as an urgent response to the pandemic, the government announced a number of VAT measures including a temporary reduction of the VAT…


    Read more >

    1 March 2022

    National Minimum and National Living Wage changes April 2022

    by

    From 1 April 2022, the government is increasing but the National Minimum and National Living Wage rates. The National Minimum Wage is the minimum amount an…


    Read more >

    22 February 2022

    Dividend taxes to rise from 6 April 2022 –...

    by

    The government has confirmed that it will not be backing down on the planned hike in National Insurance (NI) and dividend tax from April 2022. There…


    Read more >

    10 January 2022

    Late filing and late payment penalties are to be...

    by

    HMRC has given self-assessment taxpayers more time to ease COVID-19 pressures. With the self-assessment deadline less than three weeks away, many individuals and agents will be…


    Read more >

    7 January 2022

    Making tax digital for VAT – April 2022 –...

    by

    Since 1 April 2019, VAT-registered businesses with a turnover above the VAT registration threshold of £85,000 have been required to keep their records digitally and provide…


    Read more >

    YOUR CHALLENGES

    No matter what your challenge is, we’ve probably dealt with it before.



    Need an Accountant?

    Get in touch >


    Need an Accountant?

    Get in touch >


    Tax issues?

    Find out more >


    Tax issues?

    Find out more >


    Trying to grow your business?

    We can help >


    Trying to grow your business?

    We can help >


    Managing cashflow?

    We can help >


    Managing cashflow?

    We can help >


    Starting a business?

    We can help >


    Starting a business?

    We can help >


    Looking for funding?

    Need help with funding? >


    Looking for funding?

    Need help with funding? >


    Buying or selling a business?

    We can help >


    Buying or selling a business?

    We can help >


    Adopt the cloud?

    We can help >


    Adopt the cloud?

    We can help >


    What else can we do for you?

    We can help >


    What else can we do for you?

    We can help >
    CONTACT US

    Get in touch, no hard sell, just a brew, a biscuit and a chat.