0121 213 4756
Vass Koni – VK Financial, Director
Protection is something that you put in place to protect you, and your loved ones, in the event that you are unable to work due to illness, or in the event that you pass away.
It’s easy to overlook protection as a necessity, as the “worst case scenario” discussion isn’t something we like to contemplate. Having protection policies in place however, is a valuable safety net that people cannot do without.
The price cost of protection is obviously a factor. However, price does not always equate to adequate cover. There are many comparison sites offering you the cheapest form of cover but that may not be the right cover for you. Many providers also offer additional services and partial covers for free and some extra benefits for an additional premium. You will not know about these options unless you speak to a qualified advisor and we can help you decide what is best for you. The most valuable discussion you can have is one that addresses how your family life can continue without disruption in the event of a claim.
Check out the explainer video below from Aviva for further clarity on the types of cover you should consider, it is worth five minutes of your time.
Confronting our own mortality is never a pleasant thought. But what happens if you aren’t here tomorrow and who does that affect? How much is protecting against that situation worth to you?
Critical Illness Cover
Diagnosis of a critical illness is much more commonplace and has a financial impact on families that is often overlooked. “Four in five people with cancer are affected by the financial impact of cancer, on average incurring costs of £570 per month”. (source: Macmillan Cancer’s Hidden Price Tag).
‘Critical Illness policies may not cover all definitions of a critical illness, and the scope of coverage may vary from policy to policy’
If you are unable to work due to sickness and have no alternative cover in place, the UK Government will step in with Statutory Sick Pay (SSP). The payment rate for 2023/24 is £109.40 per week for 28 weeks. How would that help you?
‘‘An Income Protection policy is not a savings or investment product, and most do not have a cash value unless a valid claim is made.’’
If you run your own business then taking appropriate action to ensure the continuity of your business at times of distress is just as important.
‘The Financial Conduct Authority does not regulate some aspects of business protection’
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Thomas Anthony Financial Services Limited, registered in England no. 05065805. The company is registered at 573 Chester Road, Sutton Coldfield, W Midlands B73 5HU.
VK Financial is a trading style of Thomas Anthony Financial Services Limited which is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under no.993172 at https://register.fca.org.uk
The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain, and are not satisfied with our response to your complaint you may be able to refer it to the Financial Ombudsman Service which can be contacted here https://www.financial-ombudsman.org.uk/contact-us