Being diagnosed with a critical illness can be devastating news. It means that people often have to take time off work to recover, and this can have a heavy financial impact through loss of earnings, and the added worry of struggling to pay monthly bills like the mortgage. A new survey3 shows that critical illness, including cancer, MS, strokes and coronary heart disease costs the UK economy over £15bn a year as people withdraw from the workplace.
Protection policies
Critical illnesses can have a major financial impact on a family’s lifestyle and even their ability to stay in their own home. It’s at a time like this that critical illness insurance can play a positive role, providing much needed support for individuals and their families by paying out a lump sum to help cover important outgoings. A pay-out from a policy can help in paying off the mortgage or provide funds for things like home alterations or extra nursing or medical care. Having cover in place means that the individual doesn’t have to worry about money and can focus on their recovery.
Source: Intrinsic Quarterly Magazine Q1 2019 ISSUE 11 “Critical Illness costs the economy £15bn a year.”
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