Most people wouldn't dream of driving the car without car insurance not just because of the legal requirement, but also because of the monetary value if the vehicle were it to be stolen or written off in an accident. The home is one of our biggest investments and few would not think of having it insured against various perils such as fire, flood, storm, burglary etc. Home contents the same, the loss or damage to any of these would leave a financial burden.
Critical Illness Insurance is a policy designed to pay out a guaranteed tax free lump sum or income not on death, but on diagnosis any one of a list of specified Critical Illnesses. The most common being Cancer heart Attacks and Strokes, and normally including up to 30 others specified illnesses including such things as Alzheimer's, Blindness, Deafness, Multiple Sclerosis, Major Organ Transplants etc. To claim you must survive for at least 14 days after being diagnosed with an illness that meets the policy's criteria.
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The Teachers Pension scheme does not give cover for Critical Illness. There may be an early pension if the illness was considered serious enough to stop you ever working again, but this is unlikely to be a full pension, and these benefits would only apply to members taking advantage of and joining the Teachers Pension Scheme.
Income Protection Insurance is a policy designed to pay a regular tax free income when off work due to sickness or disability, right up to normal retirement age if required. The maximum amount payable is 50% to 60% of an individual's normal income so that they cannot be better off not working than if going back to work. The amount of cover needed would vary depending on current salary and commitments and whether existing savings would be used to cover bills short or longer term.
Coping with a long term sickness can be a very stressful and emotional time and having financial worries on top of this can only add to the stress and worry. If the illness was long term how would the bills be paid? The last thing needed on top of the illness would be the worry of losing the house or other valuable possessions due to not being able to keep up repayments and, what about basic requirements such as food and household bills?
"You have a one in seven chance of being off work for 6 months due to illness or accident, during your working life. In an age of spin, you may think these are scare statistics from insurance companies. They are not; they are official government figures from the Department of Work and Pensions. Although health generally has improved, and less of us do hard manual labour, this has been countered by the increased speed of work and effect of stress. So that figure of one in seven has remained constant for the last 20 years." (www.privatehealth.co.uk)
The Teachers Pension scheme does not give any cover for Income Protection. With short term illness there would be no payment from the pension but if the illness was considered serious enough to stop the individual ever working again there could be an early pension, but this is unlikely to be a full pension, and the benefits would only apply to members taking advantage of and joining the Teachers Pension Scheme.
Income Protection Insurance, can anyone afford to be ill without it? Unfortunately there is no choice as to when someone is going to be off work ill, as a teacher there will be sick pay for a limited period of time, but what happen when this ends? How would the mortgage and all the other bills be paid and who would support the family? This is where the benefit of an Income Protection Policy would be realised.
A Power of Attorney is a legal document whereby a person (the Donor) can give another person or persons (the Attorney) the power to make decisions on their behalf with regard to such things as their property, financial affairs and/or their health and personal welfare at a time in the future when they may no longer wish to make those decisions, or may not have the mental capacity to be able to make the decisions themselves
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Lasting Power of Attorney can allow an individual to appoint an attorney to look after their property/financial affairs, and also if required their personal health and welfare decisions at a time in the future when they may no longer wish to or lack the mental capacity to do so for themselves. The Attorney can only use the Lasting Power of Attorney after it has been registered with the Office of the Public Guardian. To make a Lasting Power of Attorney the individual must be aged 18 or over and must have the mental capacity to do so. To cancel it at any time a Deed of revocation must be used before the Lasting Power of Attorney has been registered and the individual must still be mentally capable.
Everybody looks forward to a long and healthy retirement, but unfortunately it doesn't always happen that way, more often than not as people are living longer they start to suffer from disabilities that can stop them from carrying out their normal daily activities of living. Unfortunately as these symptoms are often age related they are unlikely to disappear, and may continue or even worsen longer term and could include such things as dementia, of which a very common form nowadays is Alzheimer's disease. This is where Long Term Care Insurance comes into play, it is a policy designed to help cover some if not all of the extra costs involved with long term care, these can be frightening and include such things as physical aids like chair lifts and bathroom adaption's, domestic help and even care/nursing home fees. "Many people would have hoped the National Health Service would look after them. They might have paid National Insurance contributions and taxes all their working lives, and recall the original intention of the Welfare State to care for people 'from cradle to grave'. But the NHS no longer covers all the costs associated with the care of incurable conditions in old age. Since the Community Care Act, which was passed in 1990, took effect in 1993, that task has been transferred to Local Authorities. The NHS will only provide and/or pay for the Nursing Care Service Component of a person's long term care service needs. All other costs and services associated with long term care are the care recipient's responsibility unless they qualify for Local Authority assistance." (www.axasunlife.co.uk)