You have protected yourself in the event of you dying, but you are more likely to suffer a loss of income during your working life due to long-term illness/sickness.
I can advise how to ensure you receive a tax-free monthly income in the event that you can't work due to illness or injury.
My Story
I have never fully articulated to my clients the granular detail of my journey into running my own wealth management business. I finished university aged 22 to become a full time professional cricketer. Often jokingly but with a hint of seriousness after playing touch rugby or 5 a side as a warm up, my team mates and I "were all either failed footballers or rugby players".
A post cricket career was something for the future and the future seemed further away than running to the moon. As a first year professional I was invited to the PCA (Professional Cricketer's Association) Rookie Camp in Birmingham on a cold February pre season morning. The PCA did and still do a fantastic job at mentoring, educating and supporting players in a productive off field development plan. The Rookie Camp was a very intentional eye opener to the potential pitfalls of life as as sports professional.
3 years later and after playing some first team cricket I suffered an injury which ultimately forced me to retire from the professional game. I had to get busy about finding what to do next. When I first got injured I did some unpaid work experience in London at a trading company. This helped fuel an existing passion for financial markets however I wanted to work closer to the coal face, solving real life problems for real people that I could connect with.
After talking with Jason Ratcliffe at the PCA he informed me that the PCA had a Group Income Protection policy in place for all members and that I could make a claim. At the time of retiring I did not even know what income protection was. I can take absolutely no credit for protecting my income for the period of time that it protected me. However, I can 100% vouch for its importance in kickstarting my business. Without this invaluable support I would not have been able to start my business. The income protection supported my essential bills and helped cash flow the initial costs that most new businesses incur.
Having started my own wealth management business and exploring the financial situations of clients, the one recurring theme that presented the biggest risk to people's financial future was their ability to work.
I got lucky with cards that I didn't even know had been dealt to me. I know for a fact that there are people in the same position as I was, who are unknowingly vulnerable to the financial risk of not being able to do their job.
Ease the pressure. If its not me that helps you plug this gap, find someone you trust who can appropriately advise you on this
