Most people can see the value in life insurance, it’s a way of taking care of your family and loved ones if for some reason you’re no longer around. But what if it can mean more than that? There are sadly many occasions where your health can be thrown into jeopardy, and insurance can offer a great deal of comfort in these hard times.
Bright – Life Insurance St Neots
Ricky Lovelace found out how quickly things can change last summer when he was diagnosed with testicular cancer. At age 30 it came as a shock, and his concerns turned toward his family, 28 year old wife Sarah, and their 2 year old daughter Isabella. As a secondary school teacher and primary earner in the household it seemed impossible to maintain the mortgage if he underwent treatment. They then discovered that Sarah was pregnant, and a time when they should’ve been elated was marred by financial concerns and worries for the future.
Critical illness insurance policy – Life insurance St Neots
Luckily Ricky had taken out a critical illness insurance policy alongside their mortgage. Only prompted to remember by his brother, the policy is designed to pay out a tax-free lump sum on diagnosis of several conditions. These include heart attack, stroke, and cancer. He discovered the policy was designed to cover a £150,000 loan.
After initial feelings of reluctance to be profiting from his condition, Ricky came to the realization that this was what the policy was for. “It means my family doesn’t ever have to worry about not having a house to live in if the cancer comes back or I lose my job.”
The Association of British Insurers says the average payout is £64,000, and clearly in Ricky’s case this has taken a huge burden of debt away from his family while he comes to terms with his illness. Despite this only 1/3rd of people who signed up for life insurance last year took out critical illness cover.
Bright’s advertisement – Life Insurance St Neots
This is made all the more unbelievable by the fact that half of people will be diagnosed with cancer at some time in their lives according to Cancer Research UK. Diagnosis and Treatment has come on leaps and bounds, but these take time and money to get the full benefit from. Critical Illness Insurance provides you with peace of mind. In the case above, it’s clear that family always becomes your first thought if any health worries appear in your life. The Cancer figures are not released on a regular basis to scare the nation, they are there to remind us of the progress being made and the opportunity we have to improve our health. It’s also there as a reminder that we can protect our family against the worst.
Your home may be repossessed if you do not keep up repayments on your mortgage.