Protection

Life holds no guarantees, but you can put protection in place so that if the worst should happen, your loved ones will be protected financially.

We all want the very best for our family throughout their lives, but we need to plan to achieve it. We can structure your finances to meet your family’s needs whether it’s providing income, paying for university, or providing a tax-efficient legacy in later life. (The Financial Conduct Authority does not regulate university/school fees planning.)

More than one in six working families would receive little or no help from the state and see their income drop by a third, if the main earner became unable to work. (Money Advice Service)

Some examples of protection products and how they work:

Social careRegistered nursingNHS continuing healthcare
This type of care includes daily living assistance – getting up, going to the bathroom, showering, dressing, feeding, etc. These are all daily living activities, and any care of this kind will need to be paid by the individual. If they do not have sufficient income, then the local authority will pay this, assuming the individual is assessed as having “Eligible Care Needs”. Their medication and the occasional visit from a nurse will be paid by the NHS. The local authority will only pay £400-600 a week for a care home – and you have to consider do you want to be able to choose the home your loved ones will be placed in?When an individual needs more help than can be provided by a GP and a visiting nurse, the social care aspects continue to be means tested if they have the income. The NHS will then pay for the nursing provision. In the UK that’s currently £155.05 per week. So if the cost of the care home or nursing home is £650.05 a week, then the NHS pays the £155.05, and the individual pays the £500 – or if they’ve run out of money, the local authority will top-up their income to cover that.When the balance between social care and medical needs changes to where the medical needs outweigh the social care needs the NHS picks-up the entire bill. There are a number of situations where arguments can break out about where the line occurs between social care and NHS continuing healthcare. Sometimes this will take place after death using their medical records.
A mother and daughter laughing together.
“Serious illness or injury can occur at any time and will inevitably cause strain on families financially, as well as personally. Products such as income protection, life insurance and critical illness cover improve the financial resilience of individuals, households and businesses and give peace of mind.

Raluca Boroianu‑Omura, ABI Assistant Director, Head of Health and Protection

There are many different ways to protect against the unknown. Protection is personal, and if you’re interested in finding out more about what you can do to guard yourself and our family against unforeseen change, download our brochure, or contact your local office to arrange an appointment.

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