The Seven Families campaign aims to raise awareness of the financial impact of losing household income. It details the real-life stories of seven families dealing with the loss of a main breadwinner’s earnings through illness or disability.
As well as highlighting the vital role of support, rehabilitation, and counselling in getting people back to work, the campaign also demonstrates the value of financial protection to cover the lost income of the seven families.
At Fingerprint Financial Planning, we fully understand the need to prepare for the unexpected. Financial safeguards, whether in the form of income protection or critical illness cover, can give you and your family peace of mind and put you back in control at a devastating time.
The Seven Families campaign highlights how quickly our lives can change. Here’s how Fingerprint can help.
Protection can relieve the financial pressure while you get back on your feet
If you have dependents relying on your employment income, protecting that income is vitally important. Household bills, your mortgage, and your child’s school fees still need paying even if your income has stopped. If you are the main breadwinner, where will that money come from?
Income protection is a type of insurance policy that allows you to receive a part of your normal income, even if you are unable to work due to an accident or illness. You’ll normally receive regular payments based on a set percentage of your full wage, and it will pay out until you return to work, or until retirement, death, or the end of the policy term.
The payments can make a dramatic difference if your usual source of income has been cut off. The peace of mind that comes from knowing you are still receiving a regular income will give you back a sense of control, and peace of mind that you can continue to meet your financial commitments.
Knowing that your family home is safe and that your child’s schooling can continue uninterrupted, should alleviate your immediate worries, allowing you to concentrate on getting better.
You can watch the seven families’ views on income protection and the key role it has played for them but be warned that some of their stories are upsetting.
A critical illness payout could be used to aid rehabilitation or make home adaptations
It can be uncomfortable to think about what would happen to your family if you were diagnosed with a critical illness. And yet, the NHS confirms that one in two of us will get cancer in our lifetimes. How would you and your loved ones cope financially following a critical illness diagnosis?
Critical illness cover
A one-off payment can make a massive difference if you are unable to work due to illness. Critical illness cover can provide just that.
The product will pay out a one-off lump sum if you are diagnosed with a condition listed on the policy. The illnesses included will be specific to the policy but will normally include a heart attack, stroke, and certain cancers. It might also pay out for other conditions, such as multiple sclerosis or Alzheimer’s disease.
The money could relieve financial pressure in the short term, ensuring you can continue to pay household bills and make mortgage payments.
Depending on the type of illness you are suffering from, the money could also be used to pay for medical expenses, including costs associated with rehabilitation or modifying your house to better match your needs.
The Seven Families campaign highlights the need for protection
The Pickfords, one of the “seven families” of the campaign, experienced how quickly tragedy can strike when Paul, aged 42, suffered a brain stem stroke. Previously a healthy business owner, Paul became paralysed, requiring full-time care from his wife, Vicky.
Critical illness in this instance didn’t just mean the loss of one income, but two. Watch Paul’s story to see how the couple coped with a shattering illness but, again, be aware you may find their story distressing.
Fingerprint Financial Planning can help protect you and your family
At Fingerprint, we take your full financial situation into account when advising you and putting a financial plan in place. We can help you understand what cover you already have and find the right plans to plug any gaps in your protection.
We have seen the difference income protection and critical illness cover can make for individuals and their families – as it has with the seven families of the campaign.
When the unexpected strikes it can be devastating, but with the right financial protection in place, your money worries will be covered. This gives you and your family peace of mind and allows you to get on with the important job of getting better and getting back to work.
Get in touch
At Fingerprint Financial Planning we can use our wealth of experience and expertise to help you in all aspects of your financial planning. If you want to make sure that you and your family are protected from a loss of income, speak to us.
This article is for information only. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation which is subject to change.