So, a friend’s got ill. He knew something was up and he’s going for an op soon, which hopefully will sort things out.
He's arranged his work (he's self-employed so cash flow is going to be interesting), he's brought forward work that he can do now before the op and is planning to go away to the Far East where it's cheaper to live day to day to recuperate (and will be a lot warmer!).
When you experience it close to home, it makes you realise that this type of problem occurs every day of the week for many people, employed, self-employed or otherwise.
Health and wealth tend to go together, and it's important to check that your financials are in order whilst the medical professionals do their important work.
The list below is not exhaustive, but worth thinking about to ensure you have everything correctly in place.
- If employed, check what your employer will give you if things go wrong. This might be death in service benefits, sick pay, private medical insurance and the like. What do you get?
- If you've got some debts, such as a mortgage, have you got enough cash now and for a period after any illness to make sure it continues to be paid whilst off work? Make sure there is a list of what you've got and what you owe so if you died someone can quickly get a handle on what your situation was.
- Have a Will in place and make sure it's up to date to reflect where you are in your and your family's life. Make sure someone you trust knows where it is kept (or which solicitor it's with).
- If you run a company or you're a bit older, look at establishing power of attorney arrangements (there are two types, Health and Wealth (as we said they go together)). Get some legal advice on what you need.
- If you've got policies, like insurance and pensions, make sure they are nominated or written in trust to the people you want to get the cash if you died. And make sure you've got enough cover.
- If you have Critical Illness or Permanent Health Insurance (sometimes known as PHI), see what benefit it offers and the terms on which a claim can be made.
These are just some ideas, but simply put and to use an old saying, 'Get your house in order!'
Gloomy stuff we know, but always important...it shouldn't take a friend getting ill to bring these money points into focus.