Financial protection
A recent study shows that more than half (58%() of
men in the UK with dependent children do not have
sufficient financial protection. Worryingly, this has
increased by five percent compared to 2017 figures.
Financial hardship
If they were unable to work due to illness, more than
45% of fathers say they would have to dip into savings
to [pay the bills. More concerning is that 16% only
have enough savings to cover household bills for up
to three months and a further 12% have no savings
at all.
In spite of this, only 18% of the dads surveyed have
critical illness insurance, leaving millions at risk of
financial hardship if they were to become seriously Ill.
Additionally, many fathers are leaving themselves and
their families unprepared for other aspects of illness
or bereavement. Sixteen per cent of them aren’t
sure who would take care of them if they fell ill, and
more than two-fifths (42%) don’t have the protection
of a will, power of attorney, guardianship or trust
arrangement in place for their families.
Risky position
Seek advice
Life is full of uncertainties and whilst we insure cars,
houses and even holiday arrangements, when it
comes to ourselves and our family, often insurance
is over looked and undervalued. The simple truth is
we can get too ill to carry on working, or tragically die
too soon, either through serious illness or accident.
These events are random and they can potentially
affect us all.
Recent changes to bereavement benefits, and
their continued unavailability to those in cohabiting
relationships, mean that it’s more important than
ever for fathers to review their financial protection
needs and seek advice to make sure their household
is covered.
Creating a durable plan for the future
At IBB Solicitors, we understand that expert advice on
financial matters is invaluable to creating a durable
plan for the future. To discuss what’s best for you and
your family if the unforeseen were to happen - contact
us to talk about your concerns and we’ll find the
solution that’s right for you.
This is an especially risky position for the two-thirds
(66%) of UK fathers who are the main breadwinner
in the family, and it’s clear that many are in lack
of a ‘Plan B’. The value of protection, however, is
to provide long-term peace of mind about having
financial security in place for your dependents.
Russell Hallam
01895 201758
[email protected]
Wealth Management | Family Businesses | Wills, Trusts and Probate | Residential
Conveyancing | Family | Employment | Personal Injury
For more information call
03456 381381 or email [email protected]
www.ibblaw.co.uk
hiyabucks.com
| 41