How to live off a dread disease benefit
This is the most critical money around… the need to preserve it, and protect it against inflation… are enormous… The one thing you cannot do is spend it…Warren Ingram, personal financial advisor - Galileo Capital
“Dread disease benefits” typically pay out a lump sum to help cover costs related to an insured person’s illness.
It helps the insured to, financially, adjust to life with the disease.
Ingram advised on living from a dread disease benefit.
For more detail, listen to the interview in the audio below (and scroll down for more quotes from it).
You need to try and protect it against a permanent loss… don’t put it in one share… you have to spread the risks across a range of shares and other kinds of investments… You can’t take too much risk…Warren Ingram, personal financial advisor - Galileo Capital
You’re looking at 60% to 75% that should be in shares… The balanced category of unit trusts will meet that… A well-managed balanced fund should give you 5% growth [over the long-term]…Warren Ingram, personal financial advisor - Galileo Capital
Draw as little as you can… The money can make money babies… This is a lifelong income generating fund…Warren Ingram, personal financial advisor - Galileo Capital
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