Insurance & Protection

It is likely that we all know people —friends, family members or colleagues —who have fallen ill,had serious accidents or died suddenly.Even when you’re young and healthy,the chances of these things happening to you are more likely than you might think.According to a recent study,over 35% of critical illness claims were paid to people aged 40 or younger.

Losing a family member through accident or ill health can cause enormous financial problems but the implications do not stop there.The truth is that we all have a lot more to lose than we imagine so it’s worth asking yourself what needs protecting in your life.

We all understand the need to insure the breadwinner but what about the stay-at-home parent? Their contribution to the family is often overlooked but their loss through illness or death could have great cost financially as well as emotionally.A recent study estimated that it would cost approximately £32,000 to employ someone to replace the average stay-at-home parent.

It is easy to think financial protection is just for people with family responsibilities but a critical illness can hit anyone —even the young and single —and the last thing you need when you’re ill is money worries.

If you do find yourself too ill to work for any length of time,that could mean struggling to cope with day-to-day expenses like rent or mortgage payments,utility bills and groceries.It is not surprising that critically ill people also suffer money problems.A survey of cancer patients showed that as many as 91% of them were struggling for cash.

The good news is that more and more people survive critical illnesses but that still leaves the problem of coping financially until you’re back on your feet.Critical Illness Cover or Income Protection buys you the time you need to recover,making sure the only thing you have to worry about is getting better.

If you're too ill to work,it is likely that you will get sick pay from your employer but there is often a limit on the length of time this will last.Although you may be eligible for state benefits,Statutory Sick Pay is only enough to fill up an average family car.

Statutory Sick Pay currently stands at £89.35 per week and lasts for only 28 weeks,employment support allowance is even less at just £73 a week.When you think that the average household spend is £474 a week and that it costs £10,382 a year to raise a child, it’s easy to see how your lifestyle could soon come under threat.Family holidays,trips to the cinema and even after-school clubs for the kids would soon become a thing of the past.

Worse still,with the average family owing £13,200 on top of their mortgage,debts could start mounting up making life even more difficult.

A well put together protection plan not only considers big financial commitments like your mortgage but your monthly lifestyle costs as well.At Advanced Asset Consultants we will help pick out the right cover so if the worst ever happens,you will know that your debts are taken care of and that day-to-day expenses will not turn into big financial decisions.

Financial Guides

September/October 2017 Magazine

September/October 2017 Magazine

New State Pension Age - How will it affect your retirement plans?

Download

Factsheets

A Guide to Protection Matters

A Guide to Protection Matters

Protecting, Preserving or Ultimatley Distributing your Wealth 

Download

News + Media

Die poor or Plan ahead ?

Sunday July 16, 2017

Most people are quite surprised to discover just how much they are worth. How often have you heard someone say, “I’m worth more dead than alive”? Britons will pay almost £2 billion more in inheritance tax over the next five years than previously thought, official estimates have revealed. It will rise from an estimated £4.7 …

More

Further reduction in Lifetime Allowance or Annual Allowance on the cards?

Monday July 10, 2017

      I wrote in March 2016 the then chancellor George Osborne may consider further reduction in the lifetime allowance (LTA) however he decided to leave this at the current level of £1m, for the time being, growing numbers of worker’s risk tax shocks because they are unknowingly on course to exceed this limit. …

More

Can you read the future?

Saturday July 01, 2017

Investing is about the long game however are people getting nervous as stock markets in the US and UK bump around their all-time highs. Newspaper reports are beginning to speculate that a correction may be around the corner. The biggest danger isn’t the correction or a bear market, its being out of the market on …

More

Tapering of annual allowance for high incomes – adjusted and threshold incomes

Wednesday May 31, 2017

This measure restricts pension tax relief by introducing a tapered reduction in the amount of the annual allowance for individuals with an adjusted income of over £150,000 and a threshold income over £110,000. Key facts The annual allowance will be reduced for individuals who have ‘adjusted income’ over £150,000 a year. The reduction in the …

More

Twitter

© 2017 AAC • all rights reserved • Site powered by Zostro

Registered in Scotland SC362302 Advanced Asset Consultants Ltd. is authorised and regulated by the Financial Conduct Authority FCA Registration No: 506551 The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning.

The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. This website is designed to provide you with general information only and does not attempt to give you advice on any particular investment or to recommend any particular investment to you. If you have any doubt as to whether a particular investment is suitable for you, you should contact Advanced Asset Consultants Limited on 0141 331 2434.

eia uksif AAC