Written by Steven Aslett,
NFU Mutual Financial Adviser
for NFU Mutual Ashford, Tenterden & Whitfield Agency.
If you want peace of mind that you and your family would cope financially following a death or serious illness then now is the time to consider life and critical illness insurance.
According to the Association of British Insurers (ABI) the insurance industry paid out a record £5.3 billion in protection claims in 2018 — 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 ABI, said: “It’s good to know that families going through some of the worst times, dealing with a loss and serious injury or illness, are at least getting more support from insurance products than ever before. The growing size of a typical life insurance claim shows how much of a difference such cover can have, and the potential difficulties families without it might face.”
SUE AND MARTIN’S STORY
When Sue Ansell became critically ill, it was a tough time for the whole family. Husband Martin, pensions 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 worry.
“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.”
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 the Ashford, Tenterden & Whitfield NFU Mutual Agency on 01233 500822 and we will put you in touch with your personal NFU Mutual Financial Adviser, Steven Aslett.
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 and charges. Financial advice is provided by NFU Mutual Select Investments Limited.
Agent of The National Farmers Union Mutual Insurance Society Limited.