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.
We can ensure that should the unexpected happen you can still remain on target to achieve your goals, and have the resources to deal with unforseen changes in your life.
Critical illness cover, income protection and life insurance
Life holds no guarantees and in the worst case scenario you would want to that your loved ones will be protected financially.
This where critical illness cover (CIC) can help. The policy is designed to pay out a pre-agreed lump sum if a critical illness is diagnosed. This will lighten the burden by providing funds for medical fees, rehabilitation, after care and the inevitable lifestyle changes that will follow.
For cover in the event of your death you would need to consider Life Insurance. This policy can safeguard your loved ones with either lump sum that would could cover some or all your mortgage repayments or monthly payments after your death.
Protecting your income with an income protection plan gives you peace of mind if you find yourself unable to work due to ill health or accidental injury. Income protection pays you a tax-free replacement income until you are able to return to work, whether this is after a day or much longer term, subject to your deferred period.
What happens if I do not have CIC, income protection or life insurance?
Without critical illness cover you would only receive standard statutory sick pay which is currently £89.35 a week (April 2017/18). The amount is decided by the government, and is payable subject to certain rules and conditions for up to 28 weeks, this would not cover your outgoings and necessary recovery period if needed. Without Life Insurance, loved ones would have to find the money to cover off your existing financial commitments and funeral costs, which they may not have.
Planning for school fees
If you're considering sending your child to an independent school, you need to start planning now for school fees. The sooner you begin, the easier it will be to fund what can amount to a very substantial commitment. The cost of school fees will depend upon which school your child attends and whether they board. If you want to get an idea on fees, The Independent Schools Council has an excellent site that allows you to search for schools and provides details on fees.
Planning for university fees
University tuition fees in England have risen substantially for 2017/18 with a maximum annual fee of £9,250. Living expenses will more than double the overall cost. Available grants and government loans, regardless of circumstances, will often not even cover accommodation costs. There is a significant shortfall (over £20,000 for a 3 year course) that has to be met by expensive private loans, part-time employment during term time or by parents. Interest on the government loan is charged at 3% above inflation whilst studying. Most students are expected to be paying for their education to the age of 50.