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Your Questions
ANSWERED
Enjoy Life!
Insure Health!
by SHANI CLARK,
It pays to think about your health!
INDEPENDENT FINANCIAL ADVISER
Orbital
I doubt that anyone reading this would disagree with the from qualified advisers. There is also very little
above statement. Most of us have either been affected information available to the public and this is something
by or known a friend or colleague that has been affected I am working to address over the coming months. In
by serious illness or an accident. However, in reality very recent figures from Laing & Buisson, it is anticipated in
few of us have adequate protection against the long term the UK that the number of older people living in care
effects of illness or fully appreciate the devastating effect homes will double by 2041. The figures also
such an event can have on a family both emotionally demonstrate that people are living much longer, many of
and financially. them into their 80s and 90s, and therefore care is
needed for much longer than previous life expectancy
Today’s ‘Life in the Fast Lane’ means we are all living in figures would lead us to believe.
an age of consumerism with a desire for faster cars,
bigger houses, more luxurious holidays and better private As we have seen lately in the local press, the effect of
education for our children. Add to this the ever an ageing population in our Island is of great concern.
increasing costs of virtually all goods and services and With the population of older people growing considerably
that means most families need both parents to go out to over the coming years, it would be unrealistic to expect
work. Now think for a moment, what if one member that the parish or states funding will always be sufficient
was suddenly diagnosed with a serious illness? What to cover the full cost of care. I understand that current
impact would the loss of one income have on your allowances for the over 65s are being revised but this
family, and do you have suitable protection in place doesn’t alter the fact that a quarter of over 65s will need
ready to make up that loss of income? Are you even care at some point.
aware of the large number of excellent products
available and have you looked at the cost? Probably Very often people do not think about planning for long
not!! term care and only look at the cost of paying for it when
they need it. Clients that are self-funded often cover the
It’s understandable that when you are younger and in costs through selling their property, or cashing in
good health, there’s a tendency to think that it will never investments, or using their pensions or rental income
happen to me. Unfortunately the statistics show that from property. However, there is a risk that this may not
there is a one in four chance of you contracting a serious be sufficient to cover the future cost of care or there is a
illness. In all the years working as a Financial Adviser, it danger that all the assets will be used to pay for care
still surprises me that people insure their house or car leaving no legacy to pass on to their family as was
without a second thought but have no life assurance for hoped.
themselves! In my experience this is an area of financial
planning that is not very popular because people think It seems that very few people are taking advantage of
that it is expensive, and in any case, few people believe the many very attractive products and funding
they would ever make use of it! arrangements available to them because they don’t know
that they exist. I feel it is my role as a Financial Adviser
The problem becomes even more obvious in the case of to raise awareness about the need for long term care,
people preparing for retirement and the possibility of about the costs involved and how it can be funded.
needing long term care in a nursing home or a
residential home. Obviously discussing long term care is If you would like any further information regarding the
a sensitive issue and there is a barrier preventing people above or any financial planning aspect, please call me
from discussing this topic and seeking suitable advice at Orbital Financial Advisers on 01534 720303.
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