Recently, cancer charity Macmillan called for a change in the law. The charity states that thousands of British people are being let down by financial institutions who offer no leeway should one of the breadwinners be unable to work due to a life threatening condition.
This problem results in families falling into debt. Mortgage areas soon mount up, and other debts such as credit cards with interest piling on all the time contribute to families going into destitution. This places considerable stress on an already terrible situation. Cancer, stroke, heart attacks, and debilitating mental issues can all strike from out of nowhere.
There is a complete lack of support from almost every financial institution in the UK.
The charity has now written an open letter to UK Finance, asking that banks, building societies, and insurance companies to show more compassion when a family member falls ill. The letter has been backed by over 20,000 people.
Miranda Benney of MacMillan said, ‘It’s enough to cope with the psychological impact of the diagnosis and effects of treatment, without having to worry about money as well.’
The Importance of Private Medical, Income Protection, and Life Insurance
Clearly, there is a complete lack of support from almost every financial institution in the UK. This means that should you go down with a debilitating condition your family could soon be homeless and destitute. This additional stress can and often is the final straw for many families.
There is an alternative, however, and that is to take out income protection, life, and health insurance privately. Should you be unfortunate enough to find that you have a debilitating condition you can take action to ensure your family is ok.
If you have a life threatening condition it is worth checking the small print of your income protection and life insurance policies. It can entitle you to health insurance under certain circumstances.
Although some policies make provision for you should you go under many do not. This is why you need suitable life insurance, health insurance, and income protection insurance policies.
Award Winning Financial Planning Services
Financial planning is important and it is equally important to ensure it is done correctly enlisting the help of a professional. This ensures that you get the right cover appropriate to your situation ensuring you do not pay more for cover that is unsuitable or you pay for features you will never use.
Let’s have a conversation. Click here and schedule a free consultation via the Call Back Form and we can ensure that your loved ones are protected and not made homeless and destitute should something horrible strike.
Source: This is Money
For more information, please contact Michele Carby at Holborn Asset Management on +971 50 618 6463 and on e-mail at [email protected]
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