financial planning horizons

home

sitemap

site search
page return


Google
 



Planning for Protection

Dying too soon:

Where the death is that of the main income provider, the greater the reliance on that income for everyday living purposes, the greater the need for protection for its replacement.

Loss of income could produce a number of problems and needs such as:


  1. Reduction in standard of living

  2. Need to keep up with increasing cost of living

  3. Need to repay loans

  4. Possible loss of possessions if unable to repay loans or keep up repayments

  5. The problem of adult dependants and their continuing care

  6. The need to pay inheritance tax.

Living too long

This is not just a problem of ensuring that income continues in retirement. The likelihood of living longer is greater today than in most of our history.

Old age brings its own protection requirements:

  1. There is still the need for life cover to provide for family and payment of tax and outstanding debt.

  2. Physical infirmity is an increasing possibility, so care and protection will need to be catered for.

  3. Ill health is also increasingly likely as we get older, and so medical care becomes of greater importance.

Loss of income

Loss of income can come about through:

  1. Redundancy

  2. Dismissal

  3. Enforced early retirement e.g. ill health

  4. Sickness or injury

The consequences of loss of income are similar to those given above, with the additional problems that might be caused by long term sickness or disability:

  1. Special nursing/medical facilities might be a costly requirement

  2. Special tools or facilities might be required

  3. Alterations might be required for comfortable living

  4. The practical strain on the health and time resources of the family of a sick or disabled person.

planning for protection | savings & investment | retirement | mortgage products | intro

REMEMBER You should not use any information contained on this page as the basis of any action until you have discussed matters with your financial adviser.

<< HOME  < RETURN  ^ PAGE TOP ^

Google
 

Privacy Statement  |  Terms and Conditions  |  Copyright Notice  |  Disclaimer

The Professional Development Partnership Limited, Prospect House, Prospect Street, Huddersfield, HD1 2NU
Registered in England and Wales No : 2864518 - Vat No : 708 295 323