Feature: Critical illness cover
No one likes to consider the possibility of suffering a critical illness but if it were to happen to you the consequences could be devastating for your financial security and that of your family, business and future.
How would your family cope and how would you pay your bills and clear your debts if you were afflicted with a critical illness now? What would happen to your practice? Would you need to make alterations to modify your home? Perhaps you might require home help. Would a serious illness prevent you being able to pay the bank or building society for your practice loan or home mortgage? If so, what would happen to the standard of living that you have worked so hard to achieve?
Some Facts About Critical Illness
The chances of suffering a critical illness are surprisingly high, as highlighted by the statistics below. The good news is that for many who suffer a critical illness, the survival rates are increasing in terms of years. In fact, the very premise of a critical illness policy is that you are more likely to survive than to die!
Yet, invariably dentists are well protected with life assurance but the chances of suffering a serious illness during their working lives is much greater than dying. How many times have you heard friends or colleagues say, “Financially, my partner would be better off if I died!”
Despite surviving their illness, the sufferers are often incapable of returning to work and earning a living. Thus their loved ones often have to bear the dual responsibility of looking after them and bringing in an income.
Critical Illness Statistics |
More than 1 in 3 people in Britain will develop cancer at some time in their lives. Source: Cancer Research UK, 11/2003 |
Over 270,000 people in Britain suffer a heart attack each year – that’s one heart attack every two minutes. Source: British Heart Foundation, 11/2003 |
Over 55% of all CI claims are for cancer. Source: GE Frankona Re |
Around 100,000 people each year in England and Wales suffer their first stroke – that’s one stroke every five minutes. Source: The Stroke Association, 11/2003 |
A man has a one-in-four chance of suffering a critical illness before retirement age. For a woman it is one in five …
Source: ERC Frankona Re |
Don't Leave It Too Late
Similar to making a will, considering Critical Illness Insurance is something that many people prefer to put off until later. But do remember that we are all at risk and sooner or later it could be you who is diagnosed. How important would it be to have a critical illness insurance policy to support you in those troubled times?
A critical illness policy is designed to pay out a substantial tax-free lump sum on diagnosis of a range of serious conditions. Such a payment will, in itself, not cure the condition, but it does remove the financial pressure at a time when this is least needed.
In our experience, the greatest worry for dentists who have suffered a critical illness is not “Will I recover?” but “How will I, my family and my business get by financially?”
For further information on critical illness for dentists, or any other aspect of personal or business protection, please contact Heritage Financial Advisers.
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