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INCOME PROTECTION | Lazenby's Financial Services

Protection

When do you need to have a protection plan?

Many people still believe that the state will look after them if they get ill or that their families will be looked after by relatives if they die, let’s look at these two situations a bit more closely.

Family Protection - When do you need to have a protection plan?

Protection by the state

The level of income protection given by the state has fallen since the UK government has tried to pay off the deficit; this means that you cannot rely as much on the state helping you in the event of a long term illness and of course why should you?

If you think that the state will give you the standard of living before you were ill then you should stop reading now and look on the official government site for clarification, I think you might be shocked.

The state system is a safety net and not designed to replicate your current standard of living and so unless you were unemployed before you got ill you may well suffer a drop in your standard of living; and of course the higher your standard of living the greater the drop.

We can give you the income protection you need to cover a long term illness or specified critical illness to help maintain your current standard of living for a reasonable cost via accessing the whole protection market in the UK. This will help give you piece of mind that your mortgage and other loans can be paid, that you will have enough food to feed your family and that holidays aren’t a distant memory for your family.

Help from a relative

Over the years several clients have stated that if they were to die that their children could be looked after by a relative, and of course what member of a family wouldn’t want to help another in need. However during our discussions certain things soon become apparent.

No real money will be given to the parent or other family member to help bring up the children beyond the sale of the family home (if and when the mortgage is paid), this is not enough usually to pay for clothes, education, food and holidays for the many years it will be required. So the family member will be substantially out of pocket.

The parents are more often than not quite elderly and able to look after young children for short visits but they soon get tired looking after young children 24/7, how would you feel knowing that your children were putting a strain on your parents.

Wouldn’t it be better that money was made available to help them take care of your children in the manner you would want, and perhaps to pay for child care to give your parents respite?

A parent’s job is to provide and protect their family at all cost our job as your financial adviser is to show you how it’s possible.

Want to know more?

Please call either 07545786730 | 0113 322 0700 or use the contact form below.

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