22 November 2021
4 min read
Critical Illness Cover supports your clients’ recuperation with financial breathing space. It means they can focus on what’s important. That could include spending time recovering, having treatment or being around family. The financial support provided can take away money worries from an already difficult situation.
That’s why it's important clients have the right level of protection should they suffer a critical illness.
Financial commitments are encroaching further into our later lives. With people living and working longer, periods of ill health could interrupt the reliable income needed for later life financial commitments.
The average age of first-time buyers has also increased by 21% since 2007 to age 34¹. As well as the increased age of first-time buyers, longer mortgage terms of over 35 years are becoming more popular within the UK. Recent research found a 70% increase in mortgage terms of more than 35 years during 2021, with 25,112 sold compared to 14,765 in 2019².
This is likely to have a knock-on effect on retirement planning, with some needing to work more years to accommodate longer mortgage terms on properties that, on average, have increased in value by £100,000 in the last 13 years¹.
Dave Jones had his critical illness policy for 19 years before he needed to claim on it. He’d been aware of a few health issues that he felt wasn’t right, so he decided to speak with a nurse who quickly escalated his case to a doctor for tests. He was given a prostate cancer diagnosis. When he had to make a claim, Dave said it changed his life.
Taking Critical Illness Cover for me was about facing the unexpected. Nothing prepares you for the heartbreaking news of a critical illness diagnosis but having a critical illness policy to support you and your family means that you don’t have to rely on savings, a retirement fund or even equity in a property. It means that you can take a step back and concentrate on getting better while the cost of life around you is taken care of.
Watch Dave’s full story today and view the range of Legal and General resources available to help support conversations with your clients on the value Critical Illness Cover can provide.
Visit the L&G Critical Illness toolkit today.
Cancer Research UK 2021,
Stroke Association 2021,
British Heart Foundation 2021,
Multiple Sclerosis Trust 2021
In this edition, we’re taking a deep dive into the world of equity release, asking ‘what’s next?’ for this ever-evolving industry. With contributions from the Equity Release Council, Legal & General, Pure Retirement, more2life and Iress. We hope you enjoy it.
Legal & General’s new State of the Nation report uncovers the risks faced by small and medium-sized businesses and the role of financial advisers in protecting the nation's SMEs.
What do a 25-year-old male suffering from Crohn’s disease, a 35-year-old female diagnosed with a pulmonary embolism and a 32-year-old male who experience a detached retina all have in common?