STAYING PROTECTED
A guide to the practical essentials to be protected for the unexpected.
Preparing For Unforeseen Circumstances...
As we journey through life, it’s important to think about how we can protect ourselves and our loved ones from unexpected health issues and financial burdens. Here’s a friendly breakdown of the key things to consider to ensure you’re covered and prepared for the future.
LIFE INSURANCE
What is it?
Life insurance is a safety net that provides financial security to your loved ones in case of your untimely passing. There are different policies which you pay into each month as part of an agreement. The amount of cover you have (the amount paid out) is variable and often influenced by your mortgage or salary. If you die under a certain age, the policy will pay out a fixed sum (or variable depending on the individual policy) to your next of kin. Often policies won't cover pre-existing conditions, so taking a policy out early on in life helps provide more extensive protection.
Why do you need it?
- It can help cover daily living expenses for your family.
- It can pay off debts, like a mortgage or loans.
- It can fund future expenses, such as children’s education.
Tip: Shop around to find a policy that suits your needs and budget!
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WILLS
What is it?
A will is a legal document that details how you want your possessions and affairs handled after you pass away. You outline who/where you want your money/possessions/estate to go after your death. Your will can also outline guardianship of children.
Why do you need it?
- It ensures your wishes are followed regarding your belongings.
- It makes the process easier for your loved ones during a difficult time.
- It can help avoid family disputes by clearly stating your intentions.
Tip: Consider speaking with a solicitor to help you draft a will that accurately reflects your wishes.
You can update your will as many times as you like through your life in response to your change in circumstances. It is a good idea to let someone know where your will is kept.
TRAVEL INSURANCE
What is it?
Travel insurance covers you against unexpected events while on holiday, like medical emergencies, trip cancellations, or lost luggage. People can forget that the NHS is UK-only, and if you have an accident or medical emergency in another country you could end up needing to pay significant amounts for healthcare.
Why do you need it?
- It can cover medical expenses if you fall ill while abroad.
- It can help recoup losses if your trip needs to be cancelled or delayed.
- It provides peace of mind so you can relax on your holiday!
Tip: Always read the policy carefully to understand what’s covered and what isn’t.
There are independent insurance companies who provide travel insurance for people with pre-existing conditions.
INCOME PROTECTION
What is it?
Income protection insurance provides you with a portion of your income if you're unable to work due to illness or injury. When people receive a major diagnosis or suddenly fall ill, worrying about loss of income can be a huge burden. Having income protection in place before any diagnosis helps provide a safety net.
Why do you need it?
- It helps you cover your essential living costs and bills when you’re unable to earn due to ill-health.
- It can cover bills and other essential expenses.
-It can prevent getting into debt.
Tip: Review your insurance needs regularly, especially if your circumstances change (like getting a new job or moving house).
FUNERAL PLANNING
What is it?
Funeral planning involves making arrangements for your own funeral in advance, including financial planning. You can engage with, visit and have an agreed plan with funeral directors even whilst alive. This can help relieve stress from family members and also help them to know what your wishes are.
Why do you need it?
- It can relieve financial and emotional stress from your family during a tough time.
- It ensures your wishes for your funeral are fulfilled.
Tip: Consider pre-paying for your funeral so costs are locked in at today’s prices.
HEALTH INSURANCE
What is it?
Health insurance helps cover the cost of medical treatments and healthcare services. It is different to life insurance, and is specifically to help fund private healthcare as an alternative option to the NHS. Some employers provide this as part of their employment schemes. It is worth checking, however, as some insurance policies are on a tier system and so have a cap on how much can be allocated for investigations/treatment options etc.
Why do you need it?
- It can provide faster access to medical care.
- It can cover therapies and treatments not available through the NHS.
Tip: Take time to explore different plans to find the coverage you need. For more information on the differences between private and NHS, please see our Guide on this.
Power of Attorney
What is it?
Power of attorney allows you to appoint someone to make decisions on your behalf if you’re unable to do so. This can be making financial decisions, or medical decisions on your behalf.
Why do you need it?
- It ensures that someone you trust can handle your affairs if you become incapacitated.
- It can help avoid family disputes and ensure your wishes are respected.
Tip: Choose someone you can trust and discuss your wishes in advance.
CONCLUSION
While thinking about health and financial protection can feel a bit overwhelming, taking these steps can offer peace of mind for you and your loved ones. Review your needs regularly, talk to professionals if you can, and don’t hesitate to ask questions – it’s all about finding the right protections for your unique situation.
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