“Woe, woe and thrice woe” the catch phrase from the much loved TV show Up Pompeii with the character Lurcio played by the late and great, if a tad dubious, British comedian Frankie Howerd. For the kids watching his show back in the 70’s, it all sounds so familiar when they turn on their TV today. Except rather than a repeat of Up Pompeii, it’s the news and current affairs programmes that start with almost the same opening lines.
After a while we give up on this gloom and doom to watch something else. However there is only so much Big Brother and Police Camera Action any one person can take. Just ignoring a problem does nothing to help the onset of ‘recession depression,’ its time to take back control. To start feeling good about ourselves in broken Britain it is all about being prepared should the worst happen. It is time to think about cash flow. For example, it is a foolish man who piles all his surplus income from falling interest rates into just paying down his mortgage. Seems a great idea to reduce debt, however, if he was made redundant in 3 months time, the bulk of the mortgage repayments would still be there and so would all those other bills.
Smart people think about building up a cash nest egg – equivalent to 6 months salary is the minimum these days. Unfortunately, just as many know they are already stretched and saving is simply out of the question. There is an alternative, think about taking out an Income Protection or Lifestyle Protection Insurance. These are not expensive, especially if bought on line from an independent provider. What’s more, they pay out for up to a year if the insured person is unable to work due to accident, sickness or unemployment.
Unlike car insurance, younger people get the cheapest Lifestyle Protection rates. For £30 to £40 a month benefits of over £1000 a month are available tax free for a year. These policies also include services to help people get back into work. Having someone help with a CV or interview techniques can make all the difference with competition for jobs now so tough. It is much easier to find £30 a month premium than it is to save up £1000 each month to put in a rainy day fund. People who take out this cover know their job is safe enough at the moment, but have no idea what might be coming around the corner.