If you’re worried that the amount you may receive will not enough to continue paying your bills and other costs – now is the perfect time to take action. There are a number of ways in which that gap could be filled.
We have outlined below some information about the potential financial options that may go some way to securing your future financial resilience. Take control of your finances and give yourself some peace of mind.
One of the simplest, and most effective ways of preparing for a financial shock is to save into a rainy-day fund. This might involve simply putting a little bit of money aside each month so that, if the worst did happen, you’d have a cushion of cash to fall back on when your income decreased.
For more information please visit the Money Advice Service website.
Importantly – you shouldn’t make any significant financial decisions without at least considering speaking to a financial adviser first. They will be able to give you personalised, tailored advice based on your current personal and financial situation and make sure the decision you make is the right one for you.
To search for a financial adviser, you could use Unbiased.
Nowadays, there’s a chance that your employer already has some form of protection in place. This could be a sick pay policy that goes beyond statutory requirements, or a group income protection insurance policy that pays out in the same way that individual income protection one would. Speak to HR to find out exactly what you’re entitled to as part of your employment contract.
For more information please visit our Income Protection Insurance webpage
Income Protection is an insurance product that pays a pre-agreed sum of money when an individual is unable to work because of a particular illness or injury. Income Protection is specifically designed to fill the income gap demonstrated through Percy.
For more information please visit our Income Protection insurance webpage.
If the results of this calculator seem okay to you – then that’s great! You’re in a good financial position based on your current circumstances, but it is always worth considering your options and ensuring you remain in a strong enough position as you progress through your life, since building a family and growing your savings is likely to have an impact on your entitlements.
