The insurance industry paid out a record £5 billion in protection claims in 2017 — that’s nearly £14 million every day providing ﬁnancial help to families following an injury, illness or bereavement. Roshani Hewa, assistant director, head of health and protection at the Association of British Insurers, said: “A serious injury or illness can be traumatic, but with insurers paying out on more than 97% of claims, consumers can rest assured that they’ll have the support they need if the worst happens.”
Sue and Martin’s story
When Sue Ansell became critically ill, it was a tough time for the whole family. Husband Martin, pension’s expert at NFU Mutual, explains why having protection cover was vital.
“Around 25 years ago, Sue and I were moving to another house, so we increased our mortgage to £72,000. We were asked if we would like to protect ourselves, not just in the event of dying, but also in the event of a critical illness. We thought it unlikely that both of us would ever have a critical illness at the same time so we decided to do half, £36,000 as this would cover half of the mortgage should anything happen.
“Sometime later, Sue began to feel unwell. She would lose the ability to speak or understand people — just for a minute or two. We had it investigated, and the hospital told us it was a tumour in the brain, and it would kill her unless we allowed the doctors to operate. At the time, you’re facing the uncertainty of the tumour, the operation, the children — the last thing you want, on top of all that, is to have ﬁnancial worries.
“Luckily, the critical illness cover did exactly what it said on the tin. It gave us a lump sum that allowed us to rely on one income rather than the two. The pressure of the mortgage was eased and it took away such a great part of the worries we faced.
“Thankfully Sue has made a recovery. She is able to live her life and do the things that really matter, like seeing her kids grow up. You can’t insure against emotional problems but you can insure against ﬁnancial ones. Do what you can aﬀord and review it regularly.”
What you need to know
Critical illness cover provides protection for illnesses and conditions speciﬁed in the policy. NFU Mutual Financial Advisers advise on AIG Life protection products.
Get in touch
If you would like to know more about protecting you and your family, speak to your local NFU Mutual agent, Chris, on 01292 263313 who will put you in touch with your personal ﬁnancial adviser.
NFU Mutual ﬁnancial advisers advise on NFU Mutual products and selected products from specialist providers. When you contact us we’ll explain the advice services we oﬀer and the charges. Financial advice is provided by NFU Mutual Select Investments Limited.