Time Stamped Show Notes:
22s: Tom Hatley is a financial adviser at Christopher Little & Co, based in Otley.
56s: What advice would you give clients before an accident? Get your finances in order, separate your committed and discretionary outgoings. Committed would be things like mortgage and bills and discretionary would be things like holidays.
2min 29s: What is the ideal amount of savings you should have in your bank? About 3-6 months depending on your job, so if you were self employed you wouldn’t be getting any income and would need to have more savings.
3min 22s: Would you recommend that people reduce their expenditure? After you are off work you have no choice but to but you should also plan ahead.
4mins 16s: What about SSP? Statutory Sick Pay is £89.35 per week and longer term, you move onto ESA (Employment and Support Allowance) which is £73.10 or £109.65 if you are in a support group.
5mins 17s: Is there an insurance you would recommend? There are 3 main types: life, critical insurance cover and income protection which means you are paid regular income if you are unable to work.
6mins: How do you know which is the right policy? Talk to a financial adviser and have the policy through to retirement.
8mins 2s: Isn’t the premium quite high? It depends on the factors such as age – the older you are, the more expensive the premium is. If there is a deferred period then it is lower because it isn’t costing the insurance company any money.
9mins 5s: Is doing it online easy? The same features are available but it’s whether you understand what you need.
10mins 11s: Do the insurance companies pay out? Yes, normally. Some don’t cover pre-existing conditions but the ones we go for do. Usually they pay it in a couple of weeks.
13mins 17s: Are benefits impacted? They have to take the money in the bank into consideration and you have to declare it to the benefits agency. You can open a personal injury trust so that it’s under a different name and you don’t have to declare it but it’s still yours.
14mins 54s: Do you have any top tips? Understand your outgoings, have savings of around 6 months and take out income protection insurance.
16mins 2s: What is the best part of your job? I like seeing clients put in a better financial situation and having a better lifestyle.
16mins 40s: How can people find out more about you? Go to www.Christopher-Little.co.uk