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None of us like to waste money on unnecessary expenses, which is why Infinity consultants sometimes get asked by clients if they really need to take out life insurance, health insurance and critical illness cover. Those lucky individuals who have never experienced health problems or tragic loss in their family can feel like they are invincible and that taking out this kind of money is throwing good money down the drain. However, the fact is that we are all at risk from any number of events which could significantly affect the financial wellbeing of our families.
Cancer and stroke are two major enemies which probably lurk at the back of all of our minds but there are also the random disasters which no-one can foresee – all that stuff we don’t like to think about too much like car accidents, plane crashes, terrorist attacks or losing a limb in a shark attack. You don’t have a high chance of one of these events happening to you but the possibility is there. I’m sure the two unfortunate walkers who stopped to cool off in a Welsh waterfall last week didn’t set out on their walk expecting to die.
It is human nature not to want to dwell too much on bad things happening and it is also difficult to comprehend just how far-reaching the impact of contracting a major illness or the family breadwinner passing away can be until you have experienced such an event yourself. But it is worth taking the time to think about this as part of a sound financial plan.
Let’s just take cancer as an example. Macmillan Cancer Support estimates that there are two million people in the UK living with cancer, a figure set to double by 2030. Their site, and many others like it, is full of cancer survivor stories sad enough to start you sobbing.
They detail not just the physical and mental effects of diagnosis and treatment but also the financial realities which accompany them. Stories of months of painful treatment during which it was impossible to work, being made redundant because of taking too much time off work, spouses stopping work to look after cancer sufferers, with the result that not one but two incomes are lost, and difficulties in finding work once treatment has finished as employers are wary of recurrence of the disease.
That’s why our answer to the question ‘Do I really need life/health/critical illness cover?’ is always the same: it is better to have it and not need it than to need it and not have it. These kinds of insurance offer peace of mind to you and your family that whatever happens, you are protected financially. And that is definitely NOT a waste of money.
Would you like to learn more about life and other peace of mind insurance policies? Would you like to be better informed before making a buying decision if so download the free Expat Insurance Consumer Guide and have all your questions answered.