It’s not as if the spectre of death and disease is unfamiliar; our research shows that nearly half of those Britons (45%) we surveyed say that they know someone who has suffered a serious illness or injury – and 46% say that these people had to rely on friends and family or the State to make ends meet as a result. And even then, nearly one in five of these families (18%) still had to cut back on either heating and lighting or food at this traumatic time.
Neither is it a lack of options. A wide range of financial protection products is now available to mitigate the risk of an unexpected illness or death. As their name suggests, financial protection products are designed to help protect against the financial repercussions of an individual’s death, terminal illness or critical illness – either by paying out a cash lump sum or by helping to pay off a mortgage. Other financial protection products include income protection plans, whole of life protection plans and even pre-paid funeral plans. These products are widely available through IFAs and online.