Based on research, less than one in 10 people in the UK have any insurance in place to take care of critical illness, and over one third of this population acknowledge they would need to make use of their saving if they or their partner should have problems that prevent them from working.
With this knowledge, lots of families are at risk of having substantial financial problem if an unanticipated loss of income should happen to them in case of life-threatening sickness.
Advisers often ask me the strategies they can use to start conversations with clients on the need for protection against serious illness.
While it seems inappropriate to use cancer as a factor to woo clients, a new research conducted by Macmillan Cancer Support reveals that cancer can truly be used to woo both new and old clients without it appearing negative.
The report Cancer: Then and Now lauds certain improvement made in the treatment and care of cancer as people now have an average increase of 10 years of survival after diagnosis when compared to what was achievable at the beginning of the 1970s.
Improved treatment and earlier diagnosis are the main reasons for these improvements in the survival rates of cancer patient. Resultantly, over 170,000 individuals who were diagnosed of having cancer in the 1970s and 1980s are still alive today in the UK.
Though this news is encouraging, about 625,000 individuals living in the UK are faced with disability and poor health condition after being treated for cancer according to Macmillan.
Notably, more people will need greater cancer support in the future as it has been predicted that by 2030, there would have been an increase in the number of people having cancer from the current 2.5 million to 4 million people.
While speaking on the situation, Jane Maher, chief medical officer at Macmillan Cancer Support, believes that although cancer does not always lead to death, it usually causes unending changes to life.
There is need for us to ensure that individuals who had or are having this life-changing disease enjoy high quality of life and good support.
This is definitely right, and there is no doubt about the essence of having critical illness cover to make this a possibility.
Critical illness cover provides the financial support needed during emotionally debilitating and financially critical time. It can provide the assistance needed by families affected by the condition to adapt to its effects.
With the improvement in the rate of surviving cancer, there has been an increase in the need for individuals to be protected financially.
According to the research from Macmillan, cancer diagnosis has left 4 out of 5 people with an average deficit of £570 every month.
In 2015, we paid critical illness claims worth a sum of £79.1 million, and this has offered assistance to thousands of people and their family in coping with the emotional and financial effect of any serious health condition.
The true value of having necessary cover has been further outlined by this development. Most of the claims were caused by cancer with it being 52% of the claims coming from men and 72% of claims coming from women (breast cancer accounted for 50%).
Therefore, it is quite surprising that only few people are taking appropriate financial protection.
And with the current trend of welfare reforms causing substantial changes to housing support, working age income replacement and other benefits that serve as backup for many people, it is important for families to explore all available possibilities to have covers when unexpected situation occurs.
Quotes shown are for a 40 year old male who doesn’t smoke. Policy is £100,000 life insurance cover for ten years with a fixed premium. Example is for illustrative purposes only and was correct on 21/11/2016.
The most common form of protection, ordinary term life cover pays a lump sum to your family if you die within a certain time-frame. Most policies will also pay-out if you’re diagnosed with a terminal illness and have less than twelve months to live
Critical Illness Cover provides a cash lump sum if you suffer from a range of serious conditions within a set time-frame. The money is normally used to pay the bills and provide financial security while you’re on the road back to health
If something serious happens to stop you working - for months, years, or even for life – you’ll want to know you have financial security and that the bills are paid. Income Protection gives you just that, paying a percentage of your income all the time you’re unable to work.
The NHS is groaning under the weight of the UK obesity crisis and newer, more effective medical treatments for a range of illnesses often aren’t available. Private medical cover makes ‘going private’ much more affordable – giving you access to more treatments, shorter waiting lists, and first-class care.
Most company directors are savvy enough to have life insurance, but very few realise they can save up to 53% by taking advantage of a Relevant Life plan.
Group Life and / or Health Cover is the most cost-effective way to provide peace of mind and financial security for the families of your employees.
Key Person Insurance - often called Key Man Cover - is an insurance policy bought and owned by a business to protect its own interests. Cover is provided in the event that an important staff member is suddenly unable to work through critical illness and/or death.
Shareholder Protection Insurance is designed to give you peace of mind in the event that a shareholder in a Limited Liability Company, a member of a Limited Liability Partnership (LLP), or a partner in a partnership dies or is diagnosed as critically ill.
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