2 What’s the ‘Plan B’ if something goes wrong with your health?

WHAT TO SAY ‘What would happen if one of us was too ill to work long term?’ is a question to ask your partner, says Coles. For elderly parents, you could start by telling them your wishes for future medical care, then lead into asking them what theirs are and how they think they’d cope if one or both of them suddenly became ill. WHY IT’S IMPORTANT Most companies pay some form of sick pay, but this is often short term. If you don’t qualify or are ill for longer, you may have to rely on statutory sick pay (£92.05 a week for up to 28 weeks). You may also want to set out your wishes for future medical treatment in case you ever lack the capacity to make your own decisions. A living will (not to be confused with a lasting power of attorney for healthcare) enables you to specify if you want to be cared for at home or in a hospice. Visit ageuk.org.uk for more on living wills. HOW TO DO IT Sit down and work out how much of a buffer you have and how long you could pay the mortgage for before money runs out. Insurance can mean peace of mind and there are several options. Critical illness cover pays a lump sum if you have a serious illness or condition, whereas mortgage protection insurance is designed to cover mortgage payments, usually for up to two years. Typical costs start around £25 a month* and, should you get ill, would pay out a monthly sum for up to two years. Find out more at moneyadviceservice.org. To draw up a living will, contact a solicitor.