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.

7 October 2019

Are there any tax breaks for Charitable Giving

by

Get to know what range of tax reliefs are available for donating to registered charities.


Read more >

30 September 2019

How can I protect my business credit rating

by

As with your personal credit rating, your business credit rating should be something you consider regularly. A poor credit rating could impact your ability to raise finance, the credit terms you’re offered, or even the suppliers that will deal with you.


Read more >

23 September 2019

What is the highest rate of income tax in...

by

Did you know that whilst most believe that 45% is the highest rate -, there is actually a quirk in the system that means that those with an income between £100k and £125k fall prey to a 60% tax rate!


Read more >

16 September 2019

What is overtrading?

by

Overtrading is a problem which can affect any business but is most common in recent start-ups and rapidly expanding businesses. 


Read more >

9 September 2019

If I set up a charity, when and who...

by

All charities benefit from a number of financial advantages, including exemptions from income or corporation tax on some types of income; capital gains tax stamp duty and inheritance tax on gifts made in wills.


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.