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What if you die leaving your wife,
three children and a £100,000 mortgage?
What if you lose your job?
One of the most compelling 'what if?' questions -
what will happen if you fall seriously ill and are
unable to work. The question is compelling because
it does not only apply to people who have families
or other dependants to support.
It applies to the growing number of single Britons
who would be in a tight spot if they fell ill and
lost their income. How could mortgage payments be
met? How could a decent standard of living be maintained?
How could a new career-path be funded?
The insurance which covers this scenario is called
Critical Illness Cover. If you develop cancer, have
a heart attack or stroke, the policy will cough up
the lump sum. Only 3 per cent of the general population
have this insurance in place. The rest of us will
have to draw on our own resources should such a circumstance
arise. But then what are the chances of developing
one of these conditions?
Start with Cancer: At the moment half of all critical
illness claims are for cancer. At some point in life,
statistics indicate one in three will be diagnosed
as having cancer. One in 12 women will develop breast
cancer.
Then there is heart disease: About 1.4 million Britons
suffer from coronary heart disease. Half the annual
330,000 heart attacks are fatal, which accounts for
the fact that, after cancer, heart sufferers from
the biggest group of critical illness claimants.
Make of those figures what you will. If you would
like to protect yourself, there are many policies
out there to choose from. So get a good spread of
quotes. An Independent Financial Advisor will be able
to recommend the best product to suit your requirements.
Jay Lakhani is the Principal of Beena Financial Services
and can be contacted on 01293 419914 for any Independent
Financial Advice.
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