Insuring against old age!
Once upon a time we used to provide for our non-working days with a pension. Many people left school and worked for the same company for donkey’s years looking forward to their final salary pension coming in. Guaranteed job for life, guaranteed pension.
How times have changed.
Zero contract hours, job instability, temp work, short term contracts. From care workers to University research doctorates, a job for life is almost a thing of the past. Hence the Governments insistence on the new workplace pensions, insisting that all employees with the eligible earnings of £10,000 pa are automatically enrolled and pay 4% of their salary into a pension. Now most of us are facing a retirement date well into our late 60’s and beyond with the suggestion that rather than work to provide for your future pension income, do something now that will enable you to work well into your 70’s.
Did you know, however, whilst you can’t insure against the inevitable aging process, you can insure against dementia, the effects of a stroke and Parkinson’s disease. With the stats predicting one in 3 of us developing dementia this is a product that is more than likely to pay out in your life time. If you are lucky enough for it not to, it pays out on death and leaves a nice legacy for your children.
Imagine having the peace of mind, knowing that if you need to have modifications done to your home to enable you to remain independent, you have the funds in a pot. Imagine not having to worry about paying for someone to come to your home and care for you or even live-in? More and more care homes are closing and with less choice comes more pressure. Pressure on social workers, local councils, and ultimately families struggling to find a good place for Mum or Dad to live.
I like to think I played a small part in the creation of the policy I have in mind. I was (for 2 years) an employee of the company in my day job, I retrained this year, after 23 years caring for elderly people in their own homes. I joined this company because I love and believe in this product. I have since returned to the care sector as you can’t keep a passionate carer away.
I still believe in ensuring against illness and disability. The older you are the more expensive the cover will be. Plan ahead, if you can. Paying for care or installing a stair lift or wet room is expensive too. As we move forward and the welfare allocation becomes more strained, burgeoning under the demand, those of us who can need to look to provide for ourselves because the State cannot.
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