Are you covered financially for a critical illness or redundancy?
Published: 21 July 2009 By MoneyhighStreet Staff 1 Comment
Whilst many of us think ‘it’ will always happen to someone else, if ‘it’ does happen to you are you covered financially for such as a critical illness or redundancy – it seems a worrying number of us aren’t.
Research from Scottish Provident suggests over 60% think ‘it’ will never happen to them, ‘it’ will happen to someone else.
But, at the same time, 88% of those in their thirties and forties believe they will be financially affected if they or someone in their household suffered redundancy.
85% of those with children felt they would be affected if they or someone in their household had to give up work for a long time as a result of a critical illness.
And yet many do not have any income protection. It really is worth considering though – it really isn’t that difficult, doesn’t have to be expensive and could save you from a disasterous financial situation.
Payment protection insurance for example, taken out alongside a loan, mortgage or credit card, means if you are unable to work or are made redundant, it will pay all or a percentage of your monthly payments.
There’s critical illness insurance as well. How would you pay bills and clear debts for example if you or someone in your household was diagnosed with a critical illness? It’s bad enough dealing with the emotional stress, ensuring you don’t have financial stress as well is certainly worth some attention, sooner rather than later.
You can get a life insurance quote quickly and easily and see just how much it would cost to gve you some peace of mind.
As Susan Barclay, Heading of Marketing at Scottish Provident, comments ‘Most people find it hard to accept that they may face redundancy or a critical illness one day as they just don’t want to think about the worst happening.
Despite some very high profile cases of critical illness in the media and news of mass redundancies nearly every day, people in Britain still think ‘it’ will never happen to them.’
It really is best to consder getting financial cover in place so that your living standards can be maintained even if you are faced with a life changing event such as redundancy or a critical illness.
Great article. In some respects I see critical illness cover as being far more important than life cover. With life cover you normally have to die to make a claim, with critical illness cover, you can claim on diagnosis.
With advances in medicine it is now more likely than ever that a critical illness will incapacitate you rather than kill you and with little or no income it is better to be insured for a critical illness than not.