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

March/April 2017 Magazine

March/April 2017 Magazine

Don’t miss the ISA Deadline - Time to take control over where your money is invested tax-efficiently

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Factsheets

A Guide to Individual Savings Accounts

A Guide to Individual Savings Accounts

Don't miss the 5th April 2017 deadline

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News + Media

Check the FCA Register-Scam Advisers looking to get your pension

Friday April 28, 2017

pensions, pension planningConventional wisdom points to defined benefit schemes as the gold standard of retirement provision. This position is also held by the Financial Conduct Authority, which has led to the majority of financial advisers opting out
of providing advice in this area. Those ‘specialist’ firms that do provide advice are typically reliant on the Critical Yield Method. …

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Pension freedom withdrawals cut through £10bn barrier

Wednesday April 26, 2017

More than £10bn has been accessed flexibly since the introduction of pension freedom in 2015, the latest HM Revenue & Customs statistics have shown. A total £1.59bn was flexibly withdrawn in Q1 2017, the most in any quarter since Q2 2016 and the second-highest figure seen. More than 390,000 flexible payments were made in the …

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£20k ‘death tax’: Government new Tax charge

Wednesday April 12, 2017

The Government’s dramatic increase in probate fees is attracting more outcry as it emerges the Ministry of Justice does not know how much it costs to handle an application for probate. From next month, a new system takes effect that will see the largest estates pay £20,000 in probate fees. Probate must be granted to …

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HMRC Capital Gains tax increases by 60%

Wednesday February 15, 2017

HM Revenue & Customs (HMRC) collected an additional £140m from investigations into unpaid capital gains tax (CGT) over the last financial year. Through analysing data from HMRC, £55m of the figure came from investigations relating to ‘wealthy individuals’ and mid-sized businesses with the remaining £85m stemming from regular taxpayers and small businesses. The substantial numbers …

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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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