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It
is easy to think that ‘it will never happen to me’ - we
all do - but there is a real chance that it will and this
article may contain a number of statistics that you find
surprising.
Critical illness
cover really can make a difference if ever the worst does
happen. As the statistics below show, the reality is that
it could happen to any of us at any time in our lives. In
the current climate it is ever more important to make sure
the protection gap is reduced. Protection really does matter.
A critical
illness can strike at any time
Research shows
that the chance of suffering a critical illness before 65
is 1 in 4 for men and 1 in 5 for women. That means that,
if you can see 3 or 4 other people right now, one of you
is likely to suffer from cancer, a heart disease, a stroke
or MS before retirement.
In the UK alone,
more than 100 women a day are diagnosed with breast cancer.
Testicular cancer is one of the most common cancers for
men between 15 and 45.
In 2006, 22% of
people aged between 16 and 44 and 45% of people aged between
45 and 64 had a long-standing illness. Other research conducted
in 2006 found that 25% of strokes happen to people under
65.
But this does
not just happen to those nearing retirement. In 2006, 19.9%
of 35-44 year olds had experienced some kind of cardiovascular
condition!
Recently, Friends
Provident announced that in 2008 it paid more than 600 critical
illness claims totalling US$50 million. Their report continued
to state that 91% of these critical illness claims in the
UK are due to cancer, stroke, heart attack, MS and coronary
artery surgery.
Despite regional
variations, wherever you are in the world, everyone is vulnerable,
and the diagnosis of a critical illness could have a devastating
effect on your life and that of your family. A cash lump
sum would allow you to focus on getting better without worrying
about your financial situation.
It happened to these
people, it could happen to you:
David Niven (Oscar-winning actor) – diagnosed with motor
neurone disease aged 71
Mohammad Ali (boxer) – diagnosed with Parkinson’s disease
aged 42
Eva Peron (politician) – diagnosed with cancer aged 32
Kylie Minogue (singer) – diagnosed with cancer aged 37
Olivia Newton-John (singer) – diagnosed with cancer aged
44
Bill Clinton (ex US president) – underwent a heart bypass
aged 58
Dudley Moore (actor/comedian) – diagnosed with progressive
supranuclear palsy aged 64
Lance Armstrong (Tour de France winner) – diagnosed with
cancer aged 25
Surviving
a critical illness
The good news is that statistics also show that more and
more people are surviving critical illnesses. In the UK
alone, 90,000 people of working age are diagnosed with cancer
every year and more people than ever are surviving.
The highest five-year survival
rate in men for testicular cancer was 96.5% for those diagnosed
during 1999-2003 and followed up to the end of 2004. An
estimated 80% of women diagnosed with breast cancer will
survive for at least five years.
Whilst medical advances are
meaning that people are more likely to survive critical
illnesses; these people still need to take prolonged periods
off work for treatment and recovery. And, because, recovering
from a critical illness can take a long time, those
who do survive often suffer both emotionally and financially.
Relying
on savings
If you should be diagnosed with a critical
illness, how will you meet financial commitments, cover
care costs or make modifications to your home?
Over half of all
working individuals do not have sufficient savings to support
their families were they to find themselves out of work.
Research has
shown that 69% of Britons have needed a cash injection in
the last 10 years to cover an unforeseen expense. As a result
of the credit crunch, they are less likely to get finance
in the future.
The savings pot
of more than half of all UK households will last less than
3 months; there is nothing to suggest that expatriates are
any better prepared.
With the cost
of living rising, high levels of consumer debt, and low
levels of savings, it is not realistic to rely on savings
or bank loans.
The importance
of critical illness cover
There is no doubt
that critical illness cover can ease your financial worries
at a traumatic time.
With improvements
in modern medicine leading to higher recovery rates, critical
illness cover will pay out a cash sum if you are diagnosed
with a critical illness. This can be used simply as funding
to cover expensive treatments, or an extended period of
convalescence, and can reduce your money worries at a difficult
time.
Candour Consultancy
advise on range of critical illness policies from the worlds’
leading life assurance providers. We can adapt the policy
to meet your specific needs whether this be a policy in
single or joint names with a spouse, purely critical illness
cover or combined with life assurance. These policies can
also be set up in a variety of currencies.
To speak with
one of our fully qualified consultants, simply
click here or call us on +971 4 312
4410.
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