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Rising long term illnesses: The policy that can help

An uprise in long-term illness in the UK is evident. But why is no one talking about how the policy that covers all long-term illnesses could help?

How big is the problem?

Before we look at the policy that can help, let's examine just how big this problem is.

Cancer Research says that by 2040, over 500,000 people in the UK will be diagnosed with cancer annually, marking a one-third increase from the current 384,000 cases per year.

The shocking report by Cancer Research UK also warns that the NHS could be overwhelmed by the surge in cancer diagnoses without immediate government action to enhance support and planning.

The policy that could change everything

Income protection insurance, sometimes known as ‘sick pay insurance,’ can cover you for all illnesses. Not only that, it covers all long-term illnesses.

If you had to take time off work due to illness or injury, this policy is there to step in and make life a little easier without your regular income.

With the future looking dreary when it comes to serious illness diagnoses, a policy like income protection could make all the difference if you suddenly find yourself struck down with illness.

How does it work?

When you make a successful claim on your income protection insurance, your policy will pay out monthly, unlike a traditional life insurance policy, which pays out a lump sum.

By covering up to 60% of your wage, this policy can support you while you’re off work. It essentially acts like a wage replacement, meaning you’ll still have cash coming in monthly even though you’re off work.

How could this policy help in your day-to-day life?

Income protection insurance can help pay for the things that you would usually never give a second thought to - the everyday essentials we all take for granted.

Here’s a couple of examples of what you could use your monthly payments for:

  • Paying the bills
  • Getting your weekly food shop
  • Paying for your monthly phone bill
  • Covering childcare costs
  • Paying for your rent or mortgage
  • Any random payments that may come up

The reality of income protection

Illness can come out of nowhere, and knowing how long it will stick around is impossible.

Income protection can pay out for longer than you might think. It’s not just for a few months or weeks. One of the longest income protection payments was through the insurer, Aviva and ran for over 35 years.

The claim started only briefly after the customer took out the policy while still in their 20s. The customer claimed for mental health and, to date, has received more than £415,000 through their income protection monthly payments.

Not just physical health

Your policy can also cover your mental health as well as physical health. Something that sets this policy apart from others.

Suppose you were to be off work with mental health. In that case, this policy works just as it would if you were off work with a physical illness - paying out a percentage of your monthly wage to help you pay for the essentials.

More than the payout

Every provider offers different policy perks. But suppose you have an income protection policy with Liverpool Victoria. In that case, they offer a few benefits to help get you back on your feet.

At no extra cost to the policyholder (AKA you), they offer the following benefits to help get you back to work:

  • Physiotherapy to help get you moving
  • Mental health advice to support your wellbeing
  • Other services to ease you back into work

And the best part? Using these perks won’t cost you a penny more, nor will it affect your policy payouts.

Food for thought

If you’re still not convinced you need this policy - ask yourself the following questions:

  • Would you have enough money to pay for all your outgoings and any unforeseen expenses for six months? Or a year? Or even two years?
  • Do you have others who are financially dependent on you?
  • Would you rather spend your savings on food shopping and paying the bills? Or would you rather spend it on a luxury item or something you’ve always wanted?
  • Are you the primary earner in your household?
  • Does your job offer sick pay? If yes, how long does your sick pay last?
  • What’s your plan B if you suddenly couldn’t earn your regular income?
  • How far could your savings stretch?

If any of these questions have got you thinking - ask yourself - what are you waiting for?

Don’t wait

One last thing from us.

There is a catch to this policy, you can’t cover your pre-existing conditions. Which is why it’s essential to get yourself covered while you’re healthy because one day your health could be against you.

Every year you wait to sort your cover out, the cost of your monthly premium will go up. But once you take out a policy, your price is locked in. Ultimately, it pays to take out cover when you’re younger. 

Don’t get yourself in a pickle - start your free income protection quote today!