The work you do that nobody pays for
Carers give medication, cook, handle appointments, lift, wash and sit up through bad nights. Because the work is unpaid, families rarely think of it as something that would need replacing. If you were not there tomorrow, someone would have to provide that care, and most of the options cost money.
Try to put a rough figure on it. Think about how many hours a week you give, what a care agency or residential place nearby might charge, and how long the need will last.
Some carers also pay for things the person they look after needs, such as heating, transport or equipment. Add those to your figure, since the cared-for person may not be able to cover them alone.
Protecting the benefits of the person you care for
If the person you look after receives means-tested benefits, a lump sum paid straight to them could reduce or stop those payments until the money is spent down. That would defeat the purpose of the cover.
Writing the policy into a discretionary trust, or a trust designed for a disabled person, lets trustees hold the money and pay for things as needed. Trust rules are technical, so take legal advice on the right type for your situation.
Choose trustees who understand the person you care for and the benefits system they rely on. A trustee who knows when a payment might affect support can make the money go further.
Who would step in
Money solves part of the problem. The other part is a person. Talk to relatives or friends about who could take over coordinating care, even if they would pay professionals to do the hands-on work.
Write down the routines, medication, contacts and preferences you carry in your head. Keep that note with your will and policy documents, so your trustees and the next carer start with what you know.
If you care for a parent or partner who owns their home, check whether they have a lasting power of attorney in place. It would let someone you trust manage their affairs if you were not around.
Looking after yourself as well
Caring is physically and mentally demanding. Many carers juggle a reduced job, and some have given up work altogether. If you still earn, income protection can replace part of that pay if you fall ill. Critical illness cover can pay a lump sum on diagnosis of a serious illness.
If you no longer work, life cover and critical illness cover remain open to you. Insurers base the decision on your own health and lifestyle.
Respite matters for your own health as well. If you are feeling worn out, speak to your GP or local carers' centre. A carer's assessment from your local council can also open up support you may not know about.
How Hi Tomorrow helps carers
We listen first. We want to understand who you care for, how many hours you give and what support is already in place. Then we suggest cover from our panel that would fund replacement care and recommend the right kind of trust to look into.
We can work at your pace and around your caring hours, with calls booked when it suits you.