Critical Illness can strike at any time
Vitally important though it is to have ample protection for your family in the statistically unlikely but always possible event of premature death, life cover alone is not a complete financial shield.
A serious illness could, for instance, leave you unable to continue earning a living for a while, or even permanently.
How worried should you be?
CANCER RESEARCH UK says
- Somebody is diagnosed with one of over 200 types of cancer every two minutes, adding that 1 in 2 people born here since 1960 will have a cancer diagnosis sometime.
- Risk increases with age, but even so figures show that 1 in 35 men and 1 in 20 women will develop cancer by age 50.
- Breast, lung, prostate and bowel cancer are the most prevalent.
HEART ATTACK OR STROKE
- According to the British Heart Foundation, 175,000 heart attacks occur each year in the UK; that’s roughly one every three minutes.
- Many patients survive, but may require surgery & significant absence from work, at risk of permanently reduced income.
- Stroke is yet another serious health risk, with about 152,000 a year, or one every 3½ minutes – Stroke Association data. A severe stroke, if not fatal, may damage mental and physical ability.
- You can gain protection from the financial consequences by taking out critical illness cover. This addresses a specified range of illnesses and degrees of severity.
In 2014, the Association of British Insurers launched a new Statement of Best Practice for critical illness cover, which insurers are adopting this year. It aims to make cover clear and consistent by use of standard generic terms, a common format for describing cover and model wordings for critical illnesses and exclusions.
For many families, the most effective and economical way to provide the widest possible protection is the multi-benefit policy. This can bring together not only life insurance and critical illness cover but also income protection. With this combination, subject to acceptance and to meeting claims criteria, you will also be covered for loss of income through events such as accident or involuntary unemployment.
Contact us here at Logic Wealth Planning to find out more