🗣 'It turns out my teenagers can iron their own school shirts, cook simple dinners and take the dog for a walk.'
Everyone needs to consider how the unpaid house and family work they do would be covered if they were too ill to work. Picture: Andrey Popov - stock.adobe.comThe most salient lesson for me was that an awful lot would just need to be taken on by someone else.
If you’re employed full-time, the good news is that you’re likely to have a fair amount of cover in place already through work. If you had an accident or illness that meant you were unable to work, you may have sick pay for the early days and weeks of an illness or injury.You may also have some income protection which will pay an income if you are too sick to work over the longer term.
Then you need to consider whether this money would be enough, not just to replace enough of your income to cover essential costs, but also to enable someone else to pick up those responsibilities your family can’t handle without help.If you work part-time, the balance shifts against you even further, because you earn less, so would get less financial support, and you’re likely to carry a bigger share of responsibilities at home, which would need to be covered.
This isn’t cheap, but don’t let perfect be the enemy of good. If you can’t afford income protection paying a large chunk of your salary, don’t give up on cover altogether. Can you afford it covering less of your salary, or can you stretch to critical illness cover?
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