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You may feel that you don’t need to include family, home or income protection in your budget. After all, we live in a country which has a system of state benefits in place to cover these eventualities. But before you make this assumption, it’s worth finding out exactly what the state will provide in the most common scenarios. The numbers may surprise and shock you.

Your Statutory Entitlement

For example, if you’re off work because of illness, you’ll receive £88.45 a week 1 in Statutory Sick Pay, and this for a maximum of 28 weeks. And in the event of your untimely death, your spouse or partner may be eligible for a one-off Bereavement Payment of £2000. But with the average price of a funeral estimated at £3,456, this is clearly a drop in the ocean. Your family could find themselves reliant on the Widowed Parent’s Allowance, at most a meagre £112.55 per week.

Putting A Price On Your Contribution

Even if you don’t work outside the home, you’re probably very well aware that your contribution to the running of your household is substantial. But you may not realise that if your family had to pay other individuals for all the services you provide, it could cost them approximately £29,000 a year. It never pays to underestimate your value, even more so when it comes to making provisions for the worst case scenario: your early death or incapacity as the result of illness.

1 Information form GOV.UK – figures correct as at 1st March 2017

Security For Your Children

Every parent knows how tough it can be to bring up children, none more so than the parents who do the job alone. If you’re one of Britain’s 2 million single parent households 2 you’ll be conscious of the need to safeguard the future of your children. Should the unthinkable happen and you can’t be there to guide them to adulthood, you can at least leave tangible proof of your love and concern in the form of the right protection.

2 Information form GOV.UK – figures correct as at 1st March 2017

The best way forward is to meet with one of our advisers to run through the options available to you, identify an order of priority then leave it to us to source the protection products that best meet your needs. We’ll manage the application process, chase for GP reports & insure that the correct policy is placed on risk at the correct time.

*For insurance business we offer products from a choice of insurers.

Your home may be repossessed if you do not keep up repayments on your mortgage.