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Protection Planning |
Most people prefer not to think about life without their partner. Yet every day many families in the UK do suffer the loss of their main breadwinner.
Nothing can make up for the passing of a loved one. Only time can begin to heal the hurt. But the last thing the surviving partner and children need at this time is stress and worry about how to survive the loss financially - to clear the immediate debts and have a secure income for the future.
It's not just the basics of everyday living such as food, heating, clothing and the mortgage that need to be paid for, but also the extras which are often taken for granted. These may include the annual holiday, extra music and sports lessons, school holidays and trips, the occasional family day out or even the fees for private education.
What will the State provide?
Currently the State provides a Bereavement Payment of £2,000 in certain circumstances on the death of a husband or wife or Civil Partner. In other words, just enough for a basic funeral. Unmarried partners receive absolutely nothing.
The Widowed Parent's Allowance and Bereavement Allowance provide a modest level of income, but again there is nothing for unmarried partners.
And yet, given time to think about it, the minimum most of us would want is for our surviving partner and children to maintain their standard of living, free from the stress of financial worries.
You should also consider the implications of a long term illness or disability on your longer term financial stability. We are able to advise on a range of solutions to cover this scenario,
as again the state will only provide limited assistance.
For more information and advice please contact us.
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