Could your finances cope if your child became ill?
As mortgage brokers, we spend a lot of time helping clients make sure their mortgage is affordable, but it’s also important to think about what could happen if life doesn’t go quite to plan.
A recent report from MetLife UK highlights how quickly a child’s illness or injury can affect the whole household. Its latest Everyday Risk Report found that 57% of parents have experienced at least one financial, work or childcare issue because their child was injured or became ill.
For 21% of parents with children under 18, this has meant taking unexpected annual leave or sick leave to look after their child. Among those who have had to take time away from work, 15% experienced stress or anxiety about the financial impact.
Perhaps most concerning, 11% said they had sent their child back to school or childcare while they were still unwell because they couldn't afford to take more time off work.
It shows that financial pressure doesn't always come from a major, life-changing event. A broken bone, hospital visit or a short period away from work can be enough to put pressure on the household budget.
MetLife found that 24% of UK adults had either themselves or someone in their household visit A&E in the previous 12 months, while 15% had experienced an overnight hospital stay. Despite this, only 7% of UK adults have a hospital-related protection policy.
With the cost of raising a family increasing, it's understandable that protection may not always feel like a priority. But when we're reviewing your mortgage and finances, it's worth considering whether your current arrangements would give you enough breathing space if your income was temporarily affected.
Protection isn't necessarily just about the worst-case scenario. Depending on the policy, it can provide financial support following certain illnesses, injuries or hospital stays, while some policies also offer additional services such as access to GP appointments.
If you'd like to review your existing protection, I'm happy to help. We can look at what you already have, identify any potential gaps and discuss whether there are affordable options for additional cover.
It’s all about making sure your mortgage isn't the only part of your financial plan that's protected. Get in touch to discuss this with one of our friendly advisers.
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