Critical Illness – are you covered?
Critical illness: At the start of this month, it was widely reported that once again cancer survival rates have increased. More than 170,000 people in the UK now survive cancer; 40 years after suffering from the illness and survival rates have doubled since the 1970’s. Whilst this is fantastic news for the UK population, Macmillan cancer support warned of the strain on the NHS & the huge financial impact often suffered by survivors.
One survivor, speaking on Channel 5 news on Monday evening, explained how surviving the illness six times had caused a huge financial impact. Being unable to work for such a sustained period meant she couldn’t pay her bills. The survivor went on to explain how difficult it had been to find ways to compensate for this. Whilst there are many charities that can assist you, it is always advised you insure yourself against the possible financial effects of such an illness.
Critical Illness Insurance pays out a lump sum upon diagnosis of a serious illness, including cancer & 40 other illnesses. Income Protection also provides an income to replace part of your salary if you were unable to work due to a serious illness. For example, in 2015 the average payout by insurers Royal London for a critical illness cover claim was £78,533. 63% of these claims were due to cancer. In addition, their average Income Protection payout was £7,589. Having the right protection in place can make a huge difference.
If you are concerned about the financial impact an illness could have on you & your family, one of our protection specialist at IEP Financial would be more than happy to talk through your options. Please contact Oliver McDonald or Stefan Olingschlaeger on 01273 208813 or email us on [email protected]
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