Many of us make provisions to support our families financially in the event of our death, but what would you do if you were unable to work for six months due to a serious illness? We’re up to five times more likely to suffer from a serious but non-fatal illness before the age of 65 than we are to die before that age – which is good news, but it does mean that it’s worth making financial arrangements to protect your family while you recuperate.
93% of critical claims paid
Bright Grey paid out 93% of critical illness claims during 2012, with an average payout of £73,000. Just over 60% of these payouts were related to cancer. Just 4% of claims were declined for non-disclosure.
Ian Smart, head of product development and technical support at Bright Grey, said: “We’re very pleased to report such a high claims paid figure for 2012. When someone is diagnosed with a serious illness the last thing they will want to worry about is how they will cope financially. And the payout from a critical illness plan provides valuable financial support when they need it most.”
Survival rates improving
With people increasingly surviving illnesses that would have been terminal for previous generations, it’s becoming more important to plan for this type of situation. According to the Office for National Statistics, some forms of cancer now show survival rates of up to 90%. However, as far as family finances are concerned, this can lead to uncharted territory. As Smart points out: “Thankfully, more people than ever before are surviving critical illnesses. But many people don’t appreciate the lasting effects of a serious illness and the impact that can have on the family finances. A financial payout is essential to help people to continue to make ends meet.”
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