What happens at a business protection review?

The catastrophic impact of a debilitating illness

I recommend you spend 6 minutes of your time today to watch this video, made by +7families, a charity-led campaign.





This couple have lived this ordeal since 2012. One bit of luck they had was that 7 Families chose to support them financially by donating the money they would have received had they insured against such a problem.

[7 Families] aim to highlight the need for people to plan financially in case they become too ill to earn an income and the charity Disability Rights UK are working with seven families where the main breadwinner has been forced out of work by an accident or illness and not received any related insurance pay out.

We live in a country where more people insure their pets than themselves. Yet the impact of losing your income can be disastrously higher than paying a vet's bill.

No matter whether you are just starting out in your first job, buying a home, having a family, or if your children have flown the nest, if you haven't yet seriously considered protecting you and your family against the financial meltdown of not being able to work, ask your financial adviser to talk to you about this.

Ever broken a bone, or been hospitalised?

If you've been unfortunate enough to have broken a bone, or have been hospitalised, you'll no doubt know how disruptive and costly it can be, not to mention painful.

Time off work recuperating, family travelling to see you in hospital, paying for taxis whilst unable to drive for several weeks or even months; all these things can hit your pocket, and whilst the problem might only be a temporary one, it can hit hard on your emergency fund or credit card.

One solution to easing the financial pain could be an accident protection plan.

These plans are designed to give financial support when you suffer accidental broken bones, hospitalisation, accidental permanent injuries or disablement and accidental death.

You may well be thinking "it won't happen to me", and hopefully it never will, but these plans can be particularly useful for people who take part in higher risk activities such as equestrianism, extreme and winter sports, biking, contact sports such as rugby and martial arts. Almost everyone partaking in these activities will have suffered or know someone who has suffered an injury requiring hospitalisation, or has broken some bones.

If those people knew they might have received several thousand pounds per broken bone plus several hundred pounds for each 24 hour period spent in hospital, they would no doubt have considered insurance to protect themselves financially against such an accident.

Many people are in the fortunate position of knowing about and being able to take out accident protection plans before such an event happens.

Such plans can cost less than £40/month, and are even accessible to many people who might not qualify for other forms of insurance such as income protection, due to pre-existing medical conditions. Even better for some, is that pre-existing medical conditions aren't rated (which could otherwise result in expensive premiums), nor is smoking, nor age, nor is taking part in hazardous activities such as those above (as long as you aren't a professional sportsperson).

So, if you think there is a chance that you may break a bone or be hospitalised, or if you have been declined insurance or found it too expensive due to age or lifestyle, ask your financial adviser for some information on accident protection - it could be one of the best financial decisions you make.