We all have them, those thoughts that creep in and make you feel uneasy when you start to consider your finances – “wow, imagine if…” and “how long could we go without…?” Probably best just to bury those and forget about it, no point worrying about that right now is there?
Unfortunately, times like this can bring the reality of these concerns rushing to the forefront as people are confronted with sudden and sometimes brutal changes in financial circumstances with job losses or business pipelines drying up entirely. When this does happen, it can be very difficult to see the wood for the trees as simply meeting the day to day expenses becomes the primary concern.
Help is available – use it!
During the current Covid19 pandemic the UK government has been swift to announce relief measures to assist with the financial strains that self-isolation measures have put on many UK business owners and employees. This includes deferring tax liabilities such as VAT for businesses as well as self-assessment payments on account that were due on 31st July 2020. Grants of up to 80% of furloughed employees salaries, with assistance also available for company directors and the self-employed.
The full guidance on the reliefs available to you whether you are a business owner, or employee, can be found on the following page on the UK Government website.
Could you meet your needs if help wasn’t available?
We believe that it is vital for everyone to understand where their finances stand and how their income is derived, both now and in an emergency scenario. By going through our lifetime cashflow planning review we help our clients to get to grips with not only how much income they have, but how much their lifestyle costs to maintain and how sustainable this is in a variety of scenarios.
Through “What If?” scenario’s we can incorporate a period of unemployment through sickness and how the plan will hold up when tested to its limits. We can then look at putting in place a strategy to ensure that you have a secure financial future that doesn’t get de-railed by unforeseen events.
Having in place an income protection policy would provide a source of income that could come into payment from as early as day one of being unable to work through sickness, whilst a critical illness policy would provide a lump sum easing any financial burden a severe illness could cause.
As a useful starting point in assessing your needs, we are offering free access to our client expenditure questionnaire, allowing you to assess the cost of your lifestyle.
If you would like to discuss how we can help implement a protection strategy for you or discuss any of the other areas in which we may be able to help during this time then please don’t hesitate to contact us.