Planning for Sickness and Incapacity
Ever wondered what would happen to your income if you suddenly became ill or incapacitated for an appreciable period? Does your company offer you cover or are you self-employed and never considered the possibility? It’s a sombre thought but it is one you should consider, especially if you have the responsibility of supporting a family.
There are a number of options available to help you cover ongoing costs, such as your mortgage, and provide some money for living expenses. All these schemes can be adjusted to suit your individual situation. Under all schemes, benefits allowable are governed by legislation, but are usually around 50% of your income (as a maximum) before deductions. These are paid tax-free and are in addition to any incapacity benefits that you may receive.
What these schemes allow you to do is meet your financial obligations without cutting into your capital or sacrificing any existing savings you may have. We suggest you talk to your Broker about what level of cover will suit you best. He or she will guide you through the detail, giving you experienced and independent advice, thereby ensuring you get total peace of mind.
Enduring and Lasting Powers of Attorney
Sickness or incapacity can unfortunately sometimes result in you being unable to make decisions regarding the future of your property or your own health. In order to prepare for this eventuality you should consider putting into place a Power of Attorney – a document which gives someone you trust the authority to act for you.