Life can be a handful at times...
So how would you cope
if the unthinkable happened?
In this video interview with mortgage expert Sheila Bailey of Willow Private Finance, The Alternative Divorce Guide Suzy Miller asks how someone navigating divorce needs to be acutely aware of putting financial protection in place.
It's the things you just don't think about.....
"It's not just the obvious things that need protecting. As well as the more obvious things like your mortgage, household and other associated costs, you probably have other financial commitments to protect - loans for home improvements, cars, credit card debts and child care provision. You may also want to leave enough money to your family to live off or invest after your death.
At Willow Private Finance Ltd we believe it is important to regularly review the level of protection you have so you can keep pace with your ever changing family circumstances and life styles.
Would you want to ensure that if something happens to you there is sufficient financial support in place to support your family? For a minute consider the following:
If you were to die who would pay the mortgage? Who would pay the bills? Who would cover the loss of your income?
If you were to have a serious illness how would you maintain your current lifestyle and bills? How would you pay for any alterations that needed to be made to the home?
If you were to suffer a long term illness how would you continue to pay the mortgage and bills? How would you be able to continue to support your family if you only receive statutory sick pay of up to £99.85 per week (subject to assessment)?
Do you know the true cost of raising a child? People are always amazed at the cost of bringing up a child; I have listed the estimated costs based on raising a child from birth to the age of 21:
- Child care and babysitting £67,430
- Education (incl Uni fees) £55,560
- Food £18,518
- Clothing £15,683
- Holidays £14,052
- Hobbies and Toys £10,565
- Leisure and recreation £8,147
- Pocket Money £4,543
- Furniture £2,798
- Personal Care £1,164
- Other costs (driving lessons 1 car) £12,287
Source: Zurich Insurance 06/09/2013
It is vital that you see that should anything happen to you, that you have provisions in place to ensure that all of your aspirations and dreams for your family are able to be fulfilled."