Don’t be a life insurance statistic – protect what matters most to you

It’s easy to think about insuring your home, your car – and your pets. But what about you and your loved ones?

The COVID-19 pandemic has forced many of us to review our finances.  Money’s tight and you’ve got debts to pay off. So that life insurance policy might seem too extravagant.

But think again.

  • Around a million people in the UK suffer an injury or a serious illness that means they can’t work for a month or more.* Ill health can happen to anyone, any time.
  • 1 in 2 people will get cancer at some point in their lives – but only 1 in 10 UK adults has critical illness cover.**

If you have a mortgage or rent to pay, bills, loans or credit card repayments, a family to support or simply the cost of living in today’s world, how would you cope?

  • Research has shown that households are 4 times more likely to insure their pet than their income and 6 times more likely to insure their home contents.
  • 1 in 3 households don’t see the need for income protection, and do not associate it with losing their income, or being able to support their family.

The impact on a self-employed person being unable to work is perhaps even greater with no employer-funded benefits to rely on and £0 statutory sick pay.

There are now over 5 million self-employed workers in the UK and yet only 50% of those aged between 16 and 34 have enough savings to cover a 50% drop in income over three months.***

How critical illness cover can help

Critical illness cover is a form of life insurance that will pay out a lump sum if you suffer a specified medical condition, such as cancer, stroke or heart attack.

This financial benefit could really help at a time when you need all the support you can get – whether it’s to help make modifications to your home, take the trip you’ve always wanted to do or simply cover expenses and monthly bills whilst you take the time to recover.

But critical illness policies now provide more than just a payment in the event of a claim. Most now include additional benefit and support services – including children’s critical illness cover.

Life after a critical illness claim

The good news is that more people are surviving serious illnesses. But when you’re recovering, the last thing you want to worry about is your finances.

                                     

What about income protection?

Income protection insurance provides you with a regular monthly benefit if you can’t work due to an illness or injury. It pays out after your chosen deferred or waiting period and continues until either you return to work, retire, die or reach the end of your selected payment period (which some plans offer).

It does not provide cover if you become unemployed.

Income Protection insurance may be one of the most important policies to consider whether you are reviewing your current life insurance arrangements, or have nothing in place at all and can be tailored to suit your needs and budget.

Getting the right advice for your situation

With many different types of cover and options available, getting the right advice is crucial to making sure you have the right protection solutions in place to suit your specific needs.

To find out more about protecting your life, your loved ones and your lifestyle, talk to our friendly team of experts.

 *Source: ABI 2019, **Legal & General,  ***ONS2019

A life insurance plan has no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. The policy may not cover all the definitions of a critical illness – please refer to the key features and policy document for details of the cover provided.

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