Prydderch Financial Planning Advice

27 Jan 2015

Have you protected your most valuable asset? Read what Prydderch Financial Plannning has to say…

Have you protected your most valuable asset?

A regular income is the single most important thing that enables us to look after our families, pay for our homes, keep food on the table and hopefully even the occasional treat! What a lot of us don’t think about is what we would do if the regular income that we rely on suddenly stopped.

None of us have a crystal ball and the unexpected can and does happen. Because of this, the majority of us make sure we insure our homes, our cars, our gadgets and even our pets! Yet we fail to insure our most valuable asset, our income.

There is nothing as unpredictable as our health but the shocking fact is that less than 10% of the working population have a plan in place to protect their income should they be unable to work due to accident or illness.*

Statutory sick pay is currently £87.55 per week and would stop after 28 weeks. This is woefully inadequate to cover the average family’s outgoings; how will you make up the shortfall to carry on paying for your home, food and bills?

Fortunately, there is no need for a crystal ball when it is possible, for a small monthly premium, to protect your income so that if the worst does happen and you are unable to work, you have a plan, a safety net, to ensure that you can carry on paying for all of the essential things that your family needs.

An income protection plan can start replacing your income immediately and continue until you retire if necessary, giving you complete peace of mind during what will already be a stressful and worrying time.

Self-employment is now higher than at any point over the last 40 years and the impact of illness or injury can be more immediate for the self-employed where there is no company supported sick pay arrangement. The same is true for small business owners.

If you do not have a plan in place to protect your income, if you are self-employed or employed but without an adequate arrangement in place, then you should consider the importance of establishing an income protection plan to ensure the financial security of you and your family.

Prydderch Financial Planning Limited

0161 439 1180 / 07712 546500

30b Bramhall Lane South SK7 1AH

*source UNUM; Association of British Insurers


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