However, it should be remembered that the
loss of a stay-at-home parent can also be
economically devastating. Couples should
always take into account the value of any
unpaid domestic work and other duties that
would otherwise carry a cost, when arranging
financial protection.
A suitable joint-life policy, or separate single-life
policy taken out by the stay-at-home spouse,
could ensure that the death of a stay-at-home
spouse does not lead to major new childcare or
housekeeping costs.
Extra cover
While life insurance will pay out if you die, other
forms of insurance can provide an income or
lump sum if you can’t work due to illness or injury.
According to Macmillan Cancer Support, four in
five people with cancer are, on average, £570 a
month worse off as a result of their diagnosis. Yet
only a fifth of the UK’s mortgage holders have
a critical illness policy, leaving many millions at
risk of financial hardship if they were to become
seriously ill.
“Many [of those diagnosed with cancer] find
themselves in serious financial difficulty and are
forced to rely on improvised financial solutions,
such as selling assets or borrowing from family
members,” says Lynda Thomas, chief executive
at Macmillan Cancer Support. “However, when
people get the right help and support at the right
time, they have a much better chance of coping
with the financial impact of cancer.”
The options for insuring against unforeseen events
are vast, so if you’re unsure about which policy is
right for you, it’s a good idea to get some financial
advice. With the help of a specialist, you will be
able to explore your options, determine how much
protection you can afford, and find the best deals
to meet your needs.
Adapting to life after the loss of a loved one, or
diagnosis of a serious illness, can be one of the
heaviest emotional burdens our families can face.
But by making the right choices while we are alive,
we can help ensure that it doesn’t become a
financial hardship as well.
To receive a complimentary
guide covering wealth
management, retirement
planning, Inheritance Tax
planning and protection
planning , please contact
Paul Brady on 0121 355 2473 or
email [email protected]
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