Medical emergencies and long-term illness can cause tremendous harm to the personal circumstances and financial situation of those affected and also to those who rely on them for support.
While health issues are sometimes unavoidable, taking the steps to protect your assets in the long term can create a major difference in the outcome of these unexpected developments.
Today, we are looking at a client who was able to maintain his family, home, and personal assets in the aftermath of a medical emergency due to his smart investment in an income protection plan.
When the unexpected happens
Recently, we worked with a client who was married with 2 children still at school and working full time to cover the cost of living.
Suddenly, when he was in his mid-forties, he had a severe stroke that affected his brain, speech, and left side of his body. With this sudden medical complication, it was clear he would never be able to return to work.
Income protection plans can help
Despite the difficult prognosis, there was a silver lining.
This client had taken out an income protection plan, the policy of which would pay him an income until the plan ended or he retired. In this case, the plan was set to run until his anticipated retirement age of 65.
Through the income protection plan, he would receive a tax-free monthly income of £2000 for 20 years – an impressive £480,000 throughout the term of the plan that had only cost the client £52 per month prior to the claim.
With his income, he was able to maintain the family home and support his wife, which allowed her to reduce her working hours and help him with his long-term recovery.
Put your finances in safe hands
By establishing and investing in an income protection plan you can protect your family from the long-term pain that can come with an unexpected illness.
If you’re searching for a way to create a financial safety net, The Mortgage Brokerage can support you!
We offer a FREE review for all your insurance needs and can create a clear plan to cover you and your loved ones if issues arise.
Contact our advisors today at 0191 4326177 or drop us a message here.
*DISCLAIMER: Your home may be repossessed if you do not keep up repayments on your mortgage.
