For many of us December was a month of parties, presents and food. The outcome of this extravagant month … we are left penniless in January. Our lunchtime meal deals now feel like an extravagant expense and as much as we would like to jump on the health regimes that feed our New Year resolutions, we simply cannot afford the gym membership fees.
But we do not regret the departed pennies. Buying gifts for loved ones and drinking festive mulled wines with friends is what makes our year of hard work worth it and we thrive on the festive cheer it all brings. However, as January comes around we can reflect on just how lucky we are that we can afford to indulge in these luxuries. Where would we have been without our steady incomes? Could we afford the added expense of December if we fell ill this year and our regular income stopped? Do we have any savings left to cover ourselves or were they all spent on that beautiful Christmas tree we fell in love with?
When we are already worried about how we will manage to get back on our feet do we then want, or even need, the added pressure of how to make ends meet. Disappointment and stress on top of an already difficult situation is a recipe for disaster and when we are trying to focus on getting well it has the complete opposite effect.
A lot of people think that when times get tough they can rely on their employer of the government but unfortunately this is not always the case. The average household spend this Christmas was £809.97; with Statutory Sick Pay at only £88.45 a week, that wouldn’t cover much.
Jaime Swift our resident Protection Adviser says ‘Income Protection is a policy that can be tailored to meet our customer’s exact requirements and is something that almost everyone should have. We all rely so heavily on our regular monthly incomes, and very few of us have much in the way of savings to fall back on, so if our monthly wage was to stop we would find the financial pressure would soon mount up. Income Protection can ease the pressure if our customers find themselves unable to work long term due to illness or accident and it is something I think everyone consider.’
At One 77 Mortgages we offer a fee free ‘Protection Review Service’ to anyone who would like advice on Protection. We are able to review any existing arrangements a client may have to discover if these are right for them, whether there is a better level of cover out there, and whether any additional cover is advisable which can be done using a multi-benefit policy; a policy that encompasses not just life assurance but additional elements which could include Critical Illness Cover, Family Income Benefit or Income Protection Cover. We are also able to advise on the various facets of Business Protection.