[Steve Gunn]

Not really carpet cleaning related more about being self employed a friend of my daughters dad recently collapsed with a heart attack aged 43 a self employed taxi driver after 2 weeks in a coma they turned the machine off that was keeping him alive. He was fit and well often did the coast to coast bike ride.

He has a wife who doesn't work and a 13 year old daughter but has left no provision for their future no life insurance, no pension nothing. Really just a heads up to everyone make sure you have something in place for your loved ones as you never know what is around the corner it's ok saying it'll never happen to me but think about it how would your family cope if anything did happen if you took ill for a long term period and were unable to work, is your income the soul income to the household ?

Food for thought

[Richard Cole]

Good post Steve, something i have been meaning to put in place for a long time and as an ex-mortgage and protection adviser i should know better .

Its not just Life Insurance though, there are a range of options to look at including accident and sickness policy, income protection, family income policy and critical illness policy or though the latter is very expensive.

A good mix is to have life insurance, joint for both you and partner, accident / illness policy to cover first 12 months of any claim and then income protection with 12 month deferred claim to kick in when accident / illness policy runs out as that is an annual policy and income protection will pay out up to retirement age.  Best to seek advice and get a few illustrations from several advisers. 

[Hilton]

I would just to that, that's its also vitally important to have a will especially if you have your own business.

[cannon]

A very good post Steve, I only recently took out life cover approx 4-5 months ago. It's one on those things that was on my to do list for years but I just kept saying I'll do it later.

I would urge anyone to do it NOW, its cheap as chips anyway really. Do some research or get advice though.

[Doctor Carpet (Ret'd)]

Obviously it's too late to take out insurance once you're dead.

So a further word of caution.

Take it out whilst you are young(ish) and in good health so that the premiums are low.

Thankfully I took out all those types of insurance years ago. I say thankfully, because, with all the health issues I have had I am now effectively uninsurable.

Rog

[jasonl]

Or pack your own parachute , it may well be that you live to a ripe old age ,  spend carefully , invest wisely , personally I have built up a few property investments so live or die , things can be paid for.

[elliott cleaning]

Jason is correct.  Look after yourself - not just for life insurance but also in terms of pensions.   The companies that offer all these issues have to make a living which isn't in your interest.  Worth a hell of a lot spending a little time when your not working looking after your own potential requirements

[Ian Gourlay]

When i sold Assurance I used to tell stories like tat.

Most policies have a Terminal illness clause but  the doctors have to say you will die  have to die within six months

 Take out Critical illness  as if you get a serious illness like Cancer it will pay out while you are having treatment, as you cannot woRk.
I know of Guys who have tried to carry on working during treatment  as they had a business and all the expenses and then died as they did not look after themselves