14 Apr 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 that 1 in 35 men and 1 in 20 women will develop cancer by age 50.
According to the British Heart Foundation, 175,000 heart attacks occur each year in the UK; that is roughly one every three minutes. Many patients survive, but may require surgery and 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 3 1/2 minutes – Stroke Association data. A severe stroke, if not fatal, may damage mental and physical ability.
What can you do?
Well, aside from any lifestyle changes you may wish to make to reduce your risk, 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.
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 critical illness cover and life insurance 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.
Pentins Wealth Management can take you through all the options and give you advice tailored to your situation. Just ask!