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 £85.85 per week and lasts for only 28 weeks. Employment. Support Allowance is even less at just £71 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 £8,000 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.

Download Our Guide To Protection

Financial Guides

January/February 2017 Magazine

January/February 2017 Magazine

Investment Outlook: Taking advantage of opportunities in 2017

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Factsheets

A Guide to 2016/17 Year End Tax Planning

A Guide to 2016/17 Year End Tax Planning

Taking advantage of planning opportunities means getting tax savvy now

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News + Media

HMRC Capital Gains tax increases by 60%

Wednesday February 15, 2017

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Top Trump -So what now ?

Thursday January 26, 2017

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Breaking the Taboo of Defined Benefit Pensions

Friday September 02, 2016

Conventional wisdom has historically seen ‘final salary’ pensions being held up as the gold standard of retirement provision. This is due to the benefits of these pensions typically outweighing what most people in an alternative ‘money purchase’ arrangement could receive in retirement. As such, transferring benefits away from a final salary pension into an alternative …

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BREXIT :Two Weeks on from decision

Friday July 08, 2016

life cover, life insurance, life assurance, trusts, discretionary trusts, tax planningA brief look at the FTSE 100 would suggest that not much has been happening since the UK voted to leave the European Union (EU). In fact, the FTSE 100 was at its highest level since August 2015 on Friday 1 July. The initial reaction in financial markets to the referendum result went as expected. …

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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.

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