74% put financial security at risk

New research from Scottish Widows shows that nearly three quarters (74 percent) of people are putting their families’ financial security at risk, by failing to protect their future through life insurance, critical illness or income protection*.

A Heart Attack is the most common reason people require Emergency Medical Attention! Between April 2010 and April 2011, in England 92,000 people suffered a Heart Attack**.

The topic of Heart Attacks is in the spotlight once again. On the 13th of July 2012 Green Mile star Michael Clarke Duncan suffered a heart attack. This was just months after 24 year old Bolton football star Fabrice Muamba, who debuted for England only 3 years earlier, collapsed on the pitch from a heart attack in the game against Tottenham at White Hart Lane.

For both of these individuals, their recovery is being helped by the fact they are financial secure… Are you?

How can you protect yourself against the unexpected?

Critical Illness cover is a regular premium plan designed to pay a specific lump sum upon receipt of medical evidence supporting the diagnosis of a specific Critical Illness. The policy is designed to help cover bills, medical expenses or to repay your mortgage in full.

Most sufferers are aged over 45 . Men are two to three times more likely to be affected by a heart attack than women**. These statistics suggest that people should not dismiss the need for Critical Illness cover. If it can happen to Fabrice Muamba, aged 24, who appeared otherwise fit and healthy it can happen to anyone

In the event of a Heart Attack would you really want to be trying to sort out your finances and risk losing your home?

According to the BBC Health following a heart attack there is an average recovery time of at least 6-12 weeks, with 10% of patients suffering a second heart attack within a year of the first. This has the potential to cause more than 24 weeks of recovery within one year, that’s almost half a year!

The unfortunate fact is that Heart Attacks and any such life threatening illnesses can affect anyone at any time. Do you really want to be the one that can’t afford to pay your mortgage after such an ordeal?

*Source: Scottish Widows Press Release 25th April 2012

**Source: NHS Choices

Posted by: Nicola Severn Categories: Finance, Industry News, Uncategorized Tags: , Comments Off on 74% put financial security at risk

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