How would you cope if you became ill? Would you have to rely on your partner, or struggle on trying to work? Are you prepared for financial shocks that may arise? Almost one in five (19%) working adults say they would have to rely on their partner’s income or savings if they were unable to work, with 19% struggling to pay their mortgage or rent if they were unable to work for two months due to illness or injury. Some 11% would resort to taking on debt such as a loan, overdraft, or credit cards².
It makes sense to review your situation carefully if you’re self-employed too. Only 6% of self-employed workers have an income protection policy and are prepared for any financial shocks that may arise and millions of self-employed people consider they would have to carry on working if they suffered an illness or injury.
Here to help
We help clients both online and in-person across the South East including Hastings, Lewes, Brighton, Bexhill, Uckfield, Heathfield, Newhaven, Seaford, Tunbridge Wells and further afield from our offices in Eastbourne, East Sussex.
Why not find out what our clients think by reading our VoucherFor reviews?
You can find more blogs on financial advice here or speak to one of our friendly advisors for help.
¹Scottish Widows, 2023
²LV=, 2023
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.
It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
The information contained within the blog is for information purposes only and does not constitute financial advice.
The purpose of the blog is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.
