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Many people – wisely – take out life insurance as part of a comprehensive financial plan, in fact, in some cases, it is a condition of taking out a loan such as a mortgage. However, far fewer consider their need for critical illness cover, even though evidence suggests that they are far more likely to suffer from cancer, a heart attack or a stroke than they are to die before they reach retirement. Cancer alone will strike one in three of us during our lifetime according to Cancer Research UK.
The good news is that with advances in medical treatment more and more people are surviving from these serious illnesses. One in three of heart attack patients now survive and Cancer Research statistics show that 85% of those diagnosed with breast cancer and 81% of prostate cancer sufferers now survive at least five years from diagnosis.
Of course, it is still devastating to be diagnosed with a critical illness and the impact on your life can be far-reaching. A return to health may be lengthy, and require you to stop work and pursue a less stressful lifestyle which can obviously have a significant impact on your finances. That is why protecting yourself and your family against the financial impact of serious illness is just as important as protecting them against your death.
Critical illness cover will pay out a tax-free lump sum if you are diagnosed with a major illness. The money is a financial cushion which can be used to cover those living expenses which don’t go away just because you are ill – mortgages payments, utility bills and general living expenses. It may also be invaluable in giving you access to expensive medical treatment. Knowing that you have this cushion allows you to focus your attention on getting better.
It often surprises me that people insure their homes, their holidays and their possessions but neglect to insure themselves. Is it time for you to rethink your priorities and ensure that you and your family are protected against the devastating financial consequences of contracting a serious illness?
If you would like to learn more about Critical Illness and other types of insurance protection click on the image above to download a consumer awareness guide or get in touch to speak to one of our qualified consultants.