Income Protection/Permanent Health Insurance
There are a number of financial products on the market that allow you to protect your financial stability by insuring against interruption to your income. Many of these are associated with borrowings (eg your mortgage) to ensure that the family home is not repossessed. These policies come at a cost, and can incorporate cover for different periods of time and different circumstances.
Other policies exist to insure the policyholder against loss of income in the event of long term illness or disability. Typically such schemes would be funded via a monthly premium, and the benefits could include associated expenses such as pension payments and National Insurance contributions. This insurance can provide a valuable benefit offered by some employers as part of a salary and benefits package.
Contact us to discuss the impact that loss of income could have on your own specific circumstances and to assess if income protection would be suitable for you.
Private Healthcare
Private healthcare is becoming an increasingly popular route for those who are unhappy to leave their treatment in the event of injury or illness to the vagaries (and waiting lists) of the National Health Service. An appropriate policy will not only allow you to avoid waiting lists but will generally give you a more comfortable hospital experience, if you need to be an in-patient. The provision of healthcare can vary between plans – for example some plans will include cover for pre-existing conditions where others are less forgiving. The plans are generally funded by a monthly payment, and costs tend to relate to age, sex and the state of your health at the time of joining.
Long Term Care
The prospect of spending long years in residential or nursing care is a daunting one to contemplate, and many of us choose to bury our heads in the sand and hope it will never happen. However, with improved life-saving techniques and better drugs available to treat serious illness, we’re faced with longer life expectancy and a growing likelihood that we will eventually need care.
A range of insurance-based packages are available to help finance the cost of long-term care. These offer a top-up to your existing pension arrangements to cover the additional cost of living in a care home, and can be funded through ongoing premiums (if started early enough) or by a lump sum payment at the outset of the care contract.
Contact us for a free initial no-obligation meeting to discuss the options available.
Publications and Links
Guide to Funding Long Term Care
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