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How to pay your bills even if you can’t work (without income protection)


As a medical doctor, I can repair a man physically, but only insurers can repair a patient’s finances

Those are the words of Dr. Marius Barnard, a South African cardiac surgeon.

Marcus is famous for a number of reasons.

Did you know he performed the first ever human-to-human heart transplant?

But what you will find more surprising is that in 1983, he invented serious illness cover.

After seeing his patient’s financial hardship after he had treated their critical illness, he convinced the a South African insurance company to introduce a new type of insurance.

This insurance would pay out when someone suffered a critical illnesses.

It was the world’s first “living” life insurance

i.e. you benefit from the payout while you’re alive.

And I bet you thought some insurance executive dreamed up serious illness cover to get more money out of your pocket?

I certainly did!

So what does serious illness cover, eh cover?

Here are 5 ways serious illness cover can “repair your finances”

1. Covers your mortgage so you can focus on getting better

First of all, when you get a mortgage, you have to buy mortgage protection to clear the debt…on your death.

But what if you can’t work and an earn an income due to a serious illness?

You’ll still need to pay the mortgage.

In fact you’re 4 times more likely to suffer a critical illness that prevents you from working, than you are to die during the term of your policy.

Therefore it makes sense to at least prepare yourself for such a catastrophic event.

I’m not recommending you buy serious illness cover for the full amount of your mortgage.

I’d prefer you to ring-fence some of your budget to buy income protection ahead of serious illness cover

But cover for two years of mortgage repayments could be a life saver.

Would you sleep easier knowing  if you get a serious illness, you have the money to pay the mortgage for 2 years?

2. Covers the cost of life-saving surgery

Secondly, someone is going to have to pay a Marius Barnard for saving your life.

If you have comprehensive private health insurance, great.

If not, serious illness cover can help*

Because serious illness cover will pay you a lump sum of money that you can use to pay your medical bills.

Hence, this is why it’s so important to buy serious illness cover on a personally held policy.

If you add serious illness cover to your mortgage protection policy, the bank gets any payout even if you need it for life saving surgery.

3. Covers unexpected expenses

Thirdly, even if you have a great health insurance plan, it won’t cover some expenses like

  • Prescriptions
  • Travel expenses
  • Parking
  • Childcare

Did you know cancer can cost €2500 per month?

4. Covers an income protection shortfall

Fourthly, if you have an income protection plan, you’ll know you have to be out of work for a certain amount of time before it will pay out.

You may have a 6 month waiting period.

How do you cope financially while you wait for those 6 months to slowly pass?

Putting serious illness cover in place to the value of 6 months income may plug this gap.

Because serious illness cover pays out immediately, you get access to money when you need it most.

5. Covers the expense of modifying your home

And finally, if you or your partner have a stroke or some other major illness, you will have to make major changes to your home e.g

  • a wheelchair ramp
  • large changes to your bathroom
  • widening of doorways
  • stairlift

How would you pay for these?

Do you have savings to cover such expenses or would serious illness cover save you financially?

Over to you…

No matter how you’d use the money, serious illness cover does one thing:

It reduces financial stress.

Because there’s always emotional stress when serious illness strikes unexpectedly.

And this emotional stress increases directly with financial stress.

A serious illness plan reduces the financial stress, which in turn reduces emotional stress.

You don’t have to spend a fortune to protect yourself.

But spend a little each month and you’re prepared for anything life can throw at you.

What you pay now is nothing compared to what you would be glad to pay should illness strike.

If you’d like some help, please complete the short form below or call me on 05793 20836.

Nick McGowan | making life insurance easier

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