How vulnerable is your household?
Posted on 19/07/2018 by Sue Stevens
A report by Scottish Widows* has highlighted that millions of Briton’s are under protected should a serious illness, such as cancer, stroke or heart attack, strike.
- 21% of the population – one fifth – admit that their household would not be financial secure for any length of time if it lost its main income through unforeseen circumstances
- More than a third would resort to raiding their savings if they were unable to work
However, according to the research, only a third of the population (32%) have life insurance and just 1 in 10 (9%) have taken out critical illness cover.
With approximately 1 in 3 people* in the UK living with cancer are of working age: how would you cope financially with a serious illness and being unable to work?
If you run a business and lose a key employee through illness, how would the business cope financially?
A report by MacMillan Cancer Support** reveals that thousands of middle-aged people in the UK are being forced to borrow money from their parents because of the cost of having cancer and for 83% of cancer patients, the combination of lost income and increased expenditure from the illness costs them an average of £570 per month.
Families across the UK are struggling with debt and the number of people being diagnosed with cancer continues to grow. You need to ensure you have appropriate plans in place to protect your finances, wellbeing, family – and business. Don’t leave it to chance.
Families across the UK are struggling with debt and the number of people being diagnosed with cancer continues to grow. You need to ensure you have appropriate plans in place to protect your finances, wellbeing, family – and business. Don’t leave it to chance.
You can put some protection in place now – for when you may need it.
Contact one of our independent financial advisers to find out more.
*Source: Scottish Widows research 2017
**Source: ‘No small change’ MacMillan Cancer Research February 2017