Life’s a lottery
You never really know when your number’s up. We probably all know people – friends or family – who have fallen ill, had serious accidents or died suddenly. Even when you’re young and healthy, the chances of these things happening to you are more likely than you might think. Many insurance providers have claims in excess of 30% for critical illness’s by people aged 40 or younger.
Losing a family member through accident or ill health can cause enormous financial problems,but there.
the implications don’t stop It’s easy to think financial protection
is just for people with family responsibilities, but a critical illness can hit anyone - even the young and single. The last thing you need when you’re ill is money worries.
If you do find yourself too ill to work for any length of time, that could mean struggling to cope with day-to-day expenses. It’s not surprising that critically ill people also suffer money problems. A survey of cancer patients showed as many as 91% of them struggled for cash.
Protecting your Home If you find yourself unable to work due to illness, don’t let the loss of income turn your home into a house of cards. Whether you’re single or married with a family, you need somewhere to live. Whether you’re renting or paying off a mortgage, you need money to meet the costs.
But even though most of us insure the building and the contents as a matter of course, we don’t really think about insuring the most important thing; the income and people that pay for it.
Don’t underestimate the upheaval. If illness or death takes away your household income, and the home it pays for, the upheaval only adds to the trauma for your family. And it can
40 be especially hard if you have children.
Think bigger than your mortgage A well put together protection plan not only considers big financial commitments like your mortgage, but your monthly lifestyle costs as well. That way, if the worst happens you’ll know the mortgage is taken care of and the little day-to-day expenses won’t turn into big financial decisions.
If the worst happens,
having the financial safety net of a protection policy could prove invaluable. It won’t just protect you, it’ll protect the people who depend on you to and the bread-winner isn’t the only person who needs protection. We all understand the need to insure the main income earner, but what about the stay-at- home parent?
Their contribution to the family is often overlooked. But the truth is that their loss through illness or death could cost financially as well as emotionally. You’d be amazed at just how much you’d have to pay someone to carry out these everyday tasks. It would cost around £32,000 a year to pay someone to do all the things the average stay-at-home parent does.
It’s a question of priorities Despite the various threats to our families, we often get our insurance priorities wrong. Incredibly, more people insure their pets than members of their family. We think nothing of paying £10.50 a month to insure the boiler, and pay every month to insure our mobile phones.
It pays to get your priorities right,
and get a safety net for the things that really matter.
Can you afford the recovery time? The good news is that more and more people survive critical illnesses. But that still leaves the problem of coping financially until you’re back on your feet.
To advertise in thewire t. 07720 429 613 e.
the.wire@btinternet.com Please mention thewire when responding to adverts
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