Latest figures from Legal and General have found that the four main critical illnesses have a huge impact on the UK economy. In fact, cancer, multiple sclerosis (MS), strokes and coronary heart disease have a combined impact on the UK economy of £15.2bn*.
What this means to individuals and families
Adam Nanson from Your Mortgage Expert comments:
“The sad truth is that, when people fall ill, they generally have to take time off work and, in most cases, a cough or a cold means a few days’ of work missed. But, this research shows that in the unfortunate event that an individual comes down with a more serious illness, it means more time off work and a huge impact on productivity.
“Whilst this research is mainly focusing on the impact to UK workforces, it is important to consider how time off work impacts the finances of individuals. Especially those whose employers don’t provide sickness pay for extended periods or those who are self-employed.”
How Your Mortgage Expert can help
Adam Nanson continues:
“The question we ask our clients is that, if you were to come down with a serious, critical illness, would you be adequately protected to pay your ongoing bills should you be unable to work for any length of time?
“Whether people have taken their mortgage out with us or not, we can help clients understand if they have adequate levels of cover to protect them. We will take the time to talk you through all your options, look at all your income and expenditure, see what you are provided through your current employment and provide you with the necessary advice.
“At Your Mortgage Expert, we offer advice on a range of protection products to help look after you and your family. Some of these products can be complicated so we believe it’s best to speak to someone to find out what’s most suitable for you. Contact Your Mortgage Expert to have an in-depth, no obligation conversation about your life, critical illness and income protection needs.”
To find out more about the protection products Your Mortgage Expert can advise you on, take a look at our dedicated page. Alternatively, contact us.
We don’t charge for a consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
IF THE POLICY HAS NO INVESTMENT ELEMENT THEN IT WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
THE POLICY MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. FOR DEFINITIONS PLEASE REFER TO THE KEY FEATURES AND POLICY DOCUMENT.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime Ltd cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
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Source correct at time of publication:
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Latest research by the Cirencester Friendly Society has found that only 7% of UK people have income protection and that British people are “overly optimistic” about what might happen to them in the future*.
The poll asked whether people thought it was likely that certain situations were likely to happen to them such as being involved in a road traffic accident or being unable to work for 12 weeks or more due to illness and injury. Around 60% did not think it likely that these events were likely to ever happen.
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