Is your income protected?
We live in an uncertain world, which makes creating
and preserving our financial security essential for
us all. This means you must take action to ensure
that you, your family, your income, your home and,
therefore, your lifestyle are protected, should the
worst happen to you.
So how would you cope if you lose your income
because of illness or disability?
Since 27 October 2008 the Government has been paying
incapacity benefits in a new way – the Employment and
Support Allowance (ESA), which replaced the earlier
Incapacity Benefit for new claimants. As the ESA payment you
may receive is not linked to your earnings, it is unlikely you will
be able to preserve your standard of living. Therefore, it is up
to you to take action to protect your income should you suffer
illness or disability.
Why has ESA been introduced?
Unlike its predecessor Incapacity Benefit, ESA is about
assessing what you can do rather than what you can’t do and
aims to prepare ill and disabled people for work wherever
possible, by giving advice as well as financial support. There
is no automatic right to ESA and your entitlement will be
decided by assessment of your capacity to work.
Therefore, should the worst happen, the only way you can
be sure you will have enough income is by making your
own provision.
You may think it won’t happen to you, but being unable to
work because of illness or disability can and does happen.
However, there is something you can do about it. It doesn’t
matter whether you are employed or self-employed, you can
protect your income against being unable to work.
If you would like a Free Confidential Financial Review do not hesitate to contact me on nishshah@thinkpositive.co.uk or 07961 487286.
