Why this key 'insurance policy' should be uppermost in all of our thoughts
| Published date | 04 July 2023 |
| Publication title | Daily Record, The / Sunday Mail (Glasgow, Scotland) |
PROTECTing our homes and valuable assets like the family car against flood, fire and other disasters is, quite rightly, an absolute must - it's simply too big a risk not to insure, isn't it?
So why do so many of us fail to protect the two most valuable things in life: our welfare and our future?
Thanks to medical advances, we are living longer - great news but it brings with it an increased risk of age related conditions (it is estimated that in the whole of the UK, the number of people with dementia is 850,000 and a further 145,000+ people living with a Parkinson's diagnosis, both of which will likely continue to rise). And the sad reality is that our property may be at risk if we need to live in a care home.
It is something that concerns Tony Marchi, principal of estate planning experts, ILAWS.
""here are some things in life that we just need to do, like having car or home insurance," he explained. "We pay for it every year, whether we like it or not. None of us enjoy paying for insurance policies, but we know it is the sensible thing to do.
SPECIAL "Having car or home insurance also gives us peace of mind, as we know that if anything was to happen, then we would be covered.
£plus £ref * Total "We make these annual payments begrudgingly, but in the event of a break-in at home or a bump in the car, we don't grudge a penny we have spent on car or home insurance.
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"When we need to make a claim, we think 'thank God I am insured." It's a practical and com- £284 monsense approach, particularly at a time when medical advances are allotting us longer lives - but with the downside of a steep rise in age-related conditions like Parkinson's and dementia."
Protect your property
It's vital to protect the assets (normally the family home) you have built up over a lifetime, as they could be at risk should you or your partner need to go into a care home. If you have capital assets worth £29,750 or more - which includes the value of your home - you must meet your own care costs in full and these currently average well over £60,000 per year.
And that can apply even if you jointly own your home with your partner. There are options available to help protect yourself and your assets. And, whilst it is illegal to deliberately stop the local authority from taking money to pay for care home fees, there are legitimate ways to protect your home, involving transfers and/or trusts.
Utilising legal instruments such as property transfers and...
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