Why would I need to consider them?
It’s been estimated that there is a £2.4 trillion protection gap in the UK, with many families just 32 days away from not having enough income to live on– that’s why it’s vital to have insurance. Many people take the time to insure their possessions, but it’s also important to protect those who financially depend on you.
We all hope to live a long and healthy life, surrounded by our loved ones. But what if we don’t? Some of the top 3 causes of premature death can be linked to heart disease, cancer and strokes. Take a look at the facts (please note this does not include COVID-19):
Heart disease - The UKs largest cause of deaths is heart disease, which accounts for over a quarter of all deaths, around 170,000. While the average age for a heart attack is 64 for men, and 70 for women, nearly 20% of those who die of heart disease are under the age of 65.
Cancer - One in two people in the UK born after 1960 have been diagnosed with some form of cancer in their lifetime, and even a healthy lifestyle can’t guarantee cancer prevention. With over 160,000 deaths in the UK, it accounts for over a quarter of the annual deaths.
Strokes - The third leading cause of death in the UK, and the leading cause of disability. Over 100,000 people have a stroke each year, one every 5 minutes. Over a quarter of strokes happen to people of working age.
Whilst the above account for a high proportion of deaths in the UK, they are also survivable - over 50% survive cancer for 10 years or more. However, surviving a critical illness could lead to a long recovery or you may be debilitated and have to re-think your work commitments and career, perhaps to be on a part-time basis. Which is why, there are over 1.2 million stroke survivors in the UK, and 1 in 6 experience a loss of income.
While the coronavirus pandemic is still ongoing, and affecting each one of us worldwide, we can hope that vaccinations can start to lower the mortality numbers both in the UK and internationally. It’s facts like the above and perhaps the current pandemic that may get you thinking – and if so, perhaps it’s time to consider some level of insurance cover.
What can you do to protect yourself or your loved ones?
Life insurance offers protection for your family if you pass away within the plan term. It’s there to provide you with peace of mind knowing that in the event of your death, your loved ones will be financially comfortable and will be able to manage financially without you. Foresters cover also pays out if you’re diagnosed as terminally ill more than 12 months before your life cover ends.
Critical Illness is about helping you live financially after a serious illness, by paying out a lump sum if you have a condition that is specified within your Plan. The aim of these plans is to ensure that you have finances available while you receive treatment and are unable to work. Foresters will also pay out if you are diagnosed with a total permanent disability and you have survived for at least six months. If you are thinking of taking out Critical Illness cover, ensure that you are protected for a comprehensive range of medical conditions. Our Critical Illness cover follows the model wordings set out by the Association of British Insurers (ABI) and can be read here >
Combined Life and Critical Illness Cover
With protection products from Foresters you can have separate Life Insurance and Critical Illness cover or a combined Plan to insure against both, which will pay on the first to happen. Both these Plans can be taken out against yourself and/or your mortgage.
What other options do I have to consider?
Our cover options start from £10 a month. When you apply for your Plan you can choose how much cover you want and how long you want it to last – with the minimum of 5 years. Also with the option to have your benefits paid either as a lump sum or with the option of annual income for Personal Insurance. For Income Protection, the benefit is received as a tax-free annual income.
If you are not in a high risk occupation you can choose to have a ‘Waiver of Premium’ cover which is simply cover for us to continue paying your premiums if you are unable to work due to incapacity. If you are looking to protect your mortgage, then it can be either level or decreasing – depending on how you are paying off your mortgage.
Our Personal Insurance also has the option of Income Protection, which is designed to replace a chosen level of income should you suffer illness or injury leading to loss of earnings. This cover can be provided until the end of your Plan, regardless of how many times you make a claim.
Before you apply
Many people turn to comparison sites and look for the cheapest deal, but it may not be covering you for your actual requirements. So, if you are unsure of what you are buying, or what you may need perhaps it’s time to discuss with one of our experts.
Our Financial Advisers can talk through your needs and find a solution that will give you peace of mind, without costing the earth. We don’t need to make claims of “x% paid out”, as long as the illness meets the ABI guidelines and the terms of the Plan, we will pay out, guaranteed.
A Protection Plan with Foresters
If you choose to take out a protection product with us, you also have access to the following:
1. Peace of Mind service - This specialist advice service is staffed by experienced nurses who are on hand to provide expert help and guidance should the worse happen. Additionally, a partner and/or child will also be able to access the bereavement counselling service, with up to six sessions at no cost to the individual.
2. Free wills and healthcare directives - Foresters Financial is a mutual organisation, driven to share not shareholder driven. By becoming a Planholder of our Protection products or our investment products, the Planholder becomes a member and be able to access a range of member benefits. This includes access to LawAssure, an online document preparation service that helps you create customisable wills, powers of attorney, and healthcare directives/living wills.
The Peace of Mind service and Foresters member benefits are not regulated and non-contracted nor are they part of the Protection Plan Terms and Conditions. They may be subject to specific eligibility requirements, and they may be amended or withdrawn at any time without notice.