Protecting your family financially
Posted: Wednesday June 12 2019
By: Guest Bloggers
We’ve all heard that diagnosis rates are rising for some of the most health and lifestyle-impacting conditions from cancer to heart disease. Most of us know someone who is affected by one or the other and yet the British attitude remains, “it won’t happen to me.” The statistics for cancer sufferers in the UK are shocking. By 2030, it is estimated that from the current 2.5 million cancer sufferers, those living with cancer will increase dramatically to 4 million, according to recent statistics from the Macmillan Cancer Charity.
By Polly Ker – Optimum Financial Solutions
Similarly, the numbers for heart disease and circularity disorders (CVD) in the UK are equally worrying, despite better diagnosis, treatments and awareness with an estimated 7 million+ people living with cardiovascular disease or heart conditions at the moment. Although death rates have reduced dramatically since the 1960’s, the fact is that CVD remains one of the biggest causes of major illness and death in the UK.
What can be done to avoid financial struggles after a diagnosis?
Millions of adults in the UK are still living and working without any form of life insurance or personal protection if the worst were to happen.
There is a huge array of options to protect yourself and your family; some starting for as little as £5 per month.
Many life insurance policies allow you to insure yourself, your partner and your children, paying out either when someone dies, is diagnosed with a serious health condition or providing that extra financial support if you need extra care following an accident or illness.
Family Income Benefit
Family income benefit is there as a safety net if one parent or partner dies in the household. As many households rely on just one wage, this protection pays a monthly, tax-free amount covering the length of the term i.e. if you take out a 20 year policy but one of you dies within 10 years, the policy will pay a monthly figure for the remaining 10 years. Not many families are aware of the family income benefit policies but by speaking to a financial advisor, you can discuss the details and benefits of such a policy for your family.