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We're currently looking at various income protection and health insurance policies, but they don't come cheap.
THE GARDEN COMPANY said:
I do on the other hand have substantial savings, due in no small part to my very astute wife, left to me I would have a garage full of exotic motorcycleshopefully they will see m
us alright.
As regards Illness, unfortunately I was very ill 3 years ago with throat cancer, which having been a non smoker all my life and only a light drinker was a shock at 43 years old, I thought it was the end of my life and my business, as all my work is maintenance and theres no way that even the most understanding clients would wait for you to come back, fortunately I have a very very good friend who is in the same business as us, and he siad that he would do all my work for me while I hopefully recovered.
I used to work on my own and had done for 15 years so I took six months off for surgery and chemo/radio therapy, and then started back, all be it by no means totally fit, Although now I have to employ a labourer as I cant do it on my own any more.
I think I was very lucky to have such a friend, I truly believe that I would have lost my business without this valuable friend.
Oh and I forgot to mention that while he was doing my work he brought all the proceeds minus expenses to my wife, yes a true friend indeed.
This pays £250 per week after 6 weeks for two years then a lump sum after that time if I'm unable to get back to work.
Not a lot of money but enough to keep the wolf from the door hopefully.
Costs £40 odd quid per month.
I cancelled my income protection policies for myself and my wife over a year ago thinking I would save a few hundred pounds per month. If I was taken ill the business would continue and would hopefully still be able to draw a reduced wage.
Didn’t think that my wife would be stuck down with a Neurological disease / condition. From daily tremors to unthinkable daily epilepsy type seizures all within seven months.
On good days she doesn’t know what day of the week it is and if I am lucky I can get also out for 8 hours and pray that I don’t return home to find yet another ambulance on the driveway. On bad days – you can do nothing.
Income protection would of just make life just a little more bearable but for some less fortunate it could make all the difference.
Don’t for one moment think that I am looking for pity as we are blessed in so many other ways.
Okay so I get angry when idiots and the like think they can run to the State for their every need. As self employed / business owners we have a responsibility to make provisions for the unexpected.
To the younger members, don’t for one minute think that you will have a wonderful retirement living off just the State pension or other benefits. State Pensioners with no other income today are finding it hard going to have an acceptable standard of living. It will only get worst over the next 10 – 20 years. Going off topic, if you client base is mainly geared towards pensioners may be over the next few years you should aim to get a better mix of clients as soon we will see less people retiring on final salary schemes and hence have less disposal income.
If you haven’t made provisions – seriously start considering it now.
You and your loved ones don’t know what is around the corner – plan and prepare for it as the unexpected or unthinkable can happen it is just a question of when!
I've seen it this year from another prospective within my family. I'm currrently still sorting out, via power of attorney, the fallout from them not having all the right things in place.
Do take alook at what's on offer - there are some cost effective options out there that will help financially support you and/or members of your family.
When it happens it's too late.....
Keith Barker said:
Used to have sickness insurance. Cost a fortune and I dropped it as when I read the small print, it was unlikley to pay out. Even now, when my back prevents me from working at all, it would not have paid out.
Fenlandphil said:
I figure, when I'm 70, I'll still do a few gardens hopefully as I rather enjoy it .... might not go as fast mind you lol and lets face it, your expenses tend to go down as you get older..... apart from the heating bill. You don't eat as much, don't want all the latest technology, kids are hopefully self-sufficient, free bus travel/tv licence.... the list goes on.
colin said:
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