Long Term Care
Healthier lifestyles and advances
in medicine mean that you can
expect to live longer than your
parents. You must, however,
balance this good news with
the increased possibility that
you will suffer from an age
related illness or disability.
As you grow older it may become
more difficult for you to remain
independent, not just because
of a medical condition, but
because you may be unable to
carry out everyday tasks or
activities
of daily living (ADLs)
without help.
Whilst more and more people
will need care, less help is
being provided by the State
and Local Authorities. As the
cost of care increases and the
proportion of taxpayer's contribution
decreases, only the very needy
are likely to receive assistance.
Although the State and Local
Authorities may provide some
benefits, they are likely to
be subject to means testing.
Families are now smaller and
there will be fewer younger
relatives to rely on. This means
that community, residential
and nursing home care are now
playing an increasingly important
role.
Private Medical
Insurance (PMI)
Good health is something we
all take for granted. Many people
are increasingly seeing private
medical insurance as a necessity
rather than a luxury. This could
be due to the continuing debate
over waiting lists for National
Health treatment and its quality
of service that is often reported
in the media.
Permanent Health
Insurance
Long term ill-health, either
as a result of an accident or
serious illness, can have a
financially devastating effect
on your family. How would you
pay the mortgage or general
household bills? Permanent
health insurance gives the
policyholder the peace of mind
of a regular income should they
not be able to work as a result
of illness or injury.
Premiums differ depending on
the type of plan, any options
the plan may have, and the company
that issues it. It is possible
to protect against inflation
in a policy by taking out an
option, for a slightly higher
premium, that automatically
increases the sum assured on
a regular basis. Some insurance
companies also offer the ability
to insure against unemployment
as an additional option on the
policy.
Critical Illness
Cover
Thanks to improved healthcare,
you are more likely to survive
a serious medical condition
than ever before. However, you
would have to adjust your lifestyle
to suit your new circumstances.
Critical
illness cover can enable
you to receive a cash lump sum,
on diagnosis at the outset of
an illness, minimising financial
hardship and stress within your
family.
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Hedgelands Financial Services,
Hedgelands, Abbotskerswell, Newton Abbot, TQ12 5PW
Hedgelands Financial Services is a trading name
of Honister Partners Ltd. Honister Partners Ltd
is an appointed representative of Sage Financial
Services Ltd, which is authorised and regulated
by the Financial Services Authority. Sage Financial
Services Ltd is entered on the FSA register (www.fsa.gov.uk)
under reference 150452. The information and content
of this website is intended for UK consumers only
and is subject to the UK regulatory regime. The
FSA do not regulate will writing services and some
forms of mortgages and tax planning services. Honister
Partners Ltd Registered Office 1 Nicholas Road,
London W11 4AN. Registered in England and Wales
no. 06923303. |
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