'Won't happen to me Guv!'
‘There are three kinds of lies: lies, damned lies, and statistics’, popularised in United States by Mark Twain (among others) and attributed it to British Prime Minister, Benjamin Disraeli.
If you were told you had a 40% chance of your holiday flight being cancelled you are probably going to take out insurance to cover that potential eventuality. The chances of winning the UK National lottery are approximately 1 in 14 million, however you may still play.
When I read some scary stats from Cancer Research UK - 1 in 2 people born after 1960 in the UK will be diagnosed with some form of cancer during their lifetime it staggered me. On a slightly cheerier note, a stat from the same organisation found cancer survival is improving and survival rates have doubled in the last 40 years in the UK. The advancement of medical science certainly means survival rates are improving but it also means detection is too.
If you are reading this then the stats suggest it is either me or you! Oh my word. If you are diagnosed with a critical illness, the financial implications will be the last things on your mind but the reality is they exist and need to be planned for.
You don’t need financial stress added to your newly turned upside down world. Having a family with financial dependents just add further pressures. Inevitably with those stats it is no surprise that I have encountered numerous individuals who have been impacted and I have seen at first- hand how a financial lump sum can be a valuable lifeline.
Cancer is just one of those illnesses that can strike. Stroke, heart attack, MS are also prevalent. It doesn’t just have to be these illnesses either – recently a 26 year-old employee of a hotel I look after suffered a blood clot to the brain. The financial support she received from her policy was so welcome she burst into tears when she was told of her payment.
Many of us insure our mobile phones, pets, credit cards BUT how many of us insure our salary?
What happens to your income in the event that sickness/illness prevents you from working? How will you pay your mobile phone and pet insurance now?
The 7 Families stories, which you can find in a previous blog post make for interesting listening – these are real people and actual events. Take a few minutes of your valuable time to take a look – it will not hurt.
Unfortunately stats suggest that it may be you Guv! If anything it makes you sit up and think. What’s more important is what you do afterwards.
Please do give us a call to chat through your income protection options. It will be a call you will never regret making.
The DAM Team