Agreed, negativity is bad for your health. No one likes to think that someday they could be so ill or disabled that they will be unable to work. This not only affects the person personally, but it also has a deep impact financially.
Though the idea that things can never go wrong is very pleasing but figures divulge otherwise. Studies reveal that close to a million workers every year find themselves unable to work due to a serious injury or a critical or terminal illness. These figures can give anyone a fair idea of how imperative it is to have a safety net in place for you and your family should anything unfortunate happen.
A protection policy in place can help reduce your financial concerns in times of extreme worry. Perhaps nothing can explain it better than the case of Nicola Groves.
Time stood still for the 45 year old Nicola Groves when her doctor diagnosed her with breast cancer and advised an amputation of the left breast as treatment. A mother of two Nicola, underwent surgery, followed by physiotherapy sessions in the following months, but not without the strong support of family and friends. The year was full of emotional turmoil but at least it did not turn into a financial disaster as it does with many. That's because Nicola and her husband took out life and critical illness insurance in 2012. The cost of the monthly premiums with the Zurich policy was £83 for them both. The payout this year was more than £75,000.
Nicola Groves admits, 'I can't stress enough how much of a difference financial security has made to my recovery and state of mind. When Marc, my financial adviser, called to say my claim had been successful, I cried with happiness and relief. The protection has allowed me to think about next steps and what's most important to us as a family."
Contrary to popular belief protection insurance is generally cheaper and in the majority of cases, some cover is better than none at all. Protection insurance needn't be expensive, but it can make a massive difference if the worst should happen.
Peter Hamilton of Zurich pointed out: "Having critical illness cover during times like this means being able to focus on recovery rather than having to worry about covering the mortgage and other household bills."
And that's the real point of critical illness cover. It helps reduce concerns at a time of extreme worry.
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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