Critical illness specifically pays out a tax-free
But, this kind of cover is for older ones, isn’t it? Statistically I’m unlikely to experience any kind of
A recent article from Mail Online followed the story of Georgie Frost who, in 2008, at 26 years old, suffered a life-changing back injury. She states that ” In the
I didn’t have a savings pot big enough or a benefits package from my work to cover me after I suffered a life-changing back injuryGeorgie Frost -2019-
Not only do people lose their income due to these life-changing events, but quite often the cost of living goes up significantly due to hospital visits, home adaptations and medication. According to Direct Line Insurance, these increased costs, on average, tally-up to £153 a month.
Every year, around 1 million people employed in Britain are unable to work due to injury or illness, according to the latest estimates from ABI (The Association of British Insurers). Along with the financial implications of illness many felt the emotional impact of feeling like a burden to their families and close friends when having to rely on their help, sometimes for day-to-day tasks, or even financially when unable to make ends meet.
Going back to Georgie’s experience she relates that at the time she had a staff job and was entitled to statutory sick pay which at the time was £75 a week, up to 28 weeks (now £94.25/week at the time of the writing of this article*). Certainly not enough for a single person to live off of and with no savings pot to dip into life’s essensials fell onto her credit cards which took almost the next decade to fully pay off.
Unfortunately, in this unpredictable