Statistics show that for men under 65, you have a 1 in 5 chance of suffering a serious illness, while for women the chances increase to 1 in 6.
Of the 500,000 people who this year will suffer a stroke, heart attack or contract cancer, over 250,000 will still be living one year later. We know it’s not a pleasant thought, but it’s important that you are aware that you are five times more likely to suffer a serious illness before you are age 65, than die.
So in financial planning terms, it is vital that this risk is insured against. Surviving a critical or major illness in an incapacitated state can destroy any plans that you make and if you’re not protected against it, you will be facing tough choices about your standard of living and the healthcare you receive.
Continuation of income is what you need to consider. If you are unable to pay the mortgage, your pension contribution, the trust fund contribution or your child’s education fees, you are looking at a major change in lifestyle, which could easily have been prevented.
Critical Illness Insurance should play a vital part in your insurance portfolio. These policies exist to help you when you have an illness that is going to have a major impact upon your life. All the major illnesses that could have a serious detrimental impact on your lifestyle are typically covered. Obvious examples are heart attacks, strokes and cancer.
Critical Illness cover will provide a one off cash lump sum for you to use as you see fit. Most people recognise that a major critical illness could prevent you from returning to work. The biggest risk factor is often the loss of the family home, which is why most people choose an amount that will at minimum repay the outstanding mortgage amount.
With a 1 in 5 chance of this affecting your family, please talk to a qualified Holborn Assets Adviser today and ensure that you are covered.