Many borrowers for a mortgage are excited to get approval to buy, they can then start on the housing ladder and move forward from there. Owning your home is one thing but protecting it is another. Too few people consider lump sum critical illness cover. Life insurance and critical illness are often bought as a package, it offers a tax free lump sum in the event of death or a critical illness diagnosis. Often clients take the view ‘it will be alright’ others rely on what their employer may offer – yet only a small number of employers offer income protection style cover, or even death in service life cover.

Personal Independence Payment (PIP) is replacing DLA for adults claiming benefits in the event of illness or injury. PIP has 2 parts based on daily living tasks and mobility tasks, how much you get depends on your difficulties with daily living or your mobility. The ‘highest weekly payment’ is £89.60 for daily living and £62.55 for mobility. It can be an awful shock to discover this is the maximum state benefit available, if you have had an injury or long term illness.

We can’t rely on the state nor our employer, so be prepared, look at what budget you can set aside for either a lump sum payout or a monthly income protection payout plan. It may only need to be £1 a day to offer security for you and your family. We offer free financial reviews at Regents, there are no charges for any aspect of reviewing and checking what you have and what you may need and we look to match it to your preferred budget.