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Tips For Protecting Your Financial Assets When Critically Ill

Being critically ill can be immensely taxing on your mind and soul. While your well-being is the immediate concern, it’s worth thinking about how these circumstances can also impact your finances too.

It’s important to think about implications around inheritances too. After all, while opinion is split on passing down wealth, it’s still fairly common for parents and grandparents to want to leave something behind for the next generation. Being critically ill could potentially compromise those goals if you have them. 

Therefore, it’s worth revisiting how you can potentially protect your financial assets should you become critically ill. Read on for some options. 

Check if Your Employer Pays Benefits

You’re legally entitled to Statutory Sick Pay (SSP) under certain conditions, such as working for an employer for being sick for four days or more in a row. However, employers can also set some of their own rules for eligibility for SSP. 

Therefore, it’s worth reviewing your employer’s procedures on these matters and making a few inquiries. The employee handbook may have further information, or you can fire some emails to your superior for clarification on your eligibility. Don’t hesitate to ask these questions. 

Unfortunately, some employers attempt to cheat employees into believing they’re not entitled to SSP. They may even make workers feel bad for asking for it, launching disciplinary procedures or outright dismissals. If you fear experiencing such a situation, seek legal counsel and support at the earliest opportunity and discuss your options with dedicated professionals. If you’re eligible for SPP, they’ll offer support and guidance for claiming it. 

Explore Critical Illness Coverage

Not everyone can secure an employee benefits package from an employer. For example, those who are self-employed may find themselves in this predicament. Some dedicated workers may have been refused support as well.  

Therefore, critical illness cover is important because it can come through for you where other options let you down. It’s a viable option if savings are in short supply and pressing financial obligations are looming nearer, such as mortgage payments, medical payments, and living costs. 

You can learn more about critical illness cover here for peace of mind. You’ll find out which factors influence the costs you can expect, and you’ll be able to get in touch with trusted expert advisors who can work with you closely in securing the coverage you need. It’s worth revisiting this online domain for all the additional content they publish, too, helping you with other aspects of managing your finances. 

Look for Existing Combined Coverage

Revisit your existing arrangements. For example, if you have a life insurance policy, it might be that critical illness coverage is also included within it. Some types of mortgage deals can also have similar premiums attached. 

Being critically ill can cause chaos and forgetfulness for several reasons, stress not being the least among them. Consequently, it could be worth sifting through any existing paperwork to double-check whether you already have assets at your disposal. Check your emails or contact your bank to find evidence of what coverage you’re potentially already signed up for.