Why you can’t afford NOT to have cover.
Offering a holistic advice and planning service, protecting what matters to my clients is the core of what I do. Without our income how might we survive or achieve all those objectives we set out in life.
Why is this important might you ask? What is protection exactly? Well let me explain.
Well back in February 2018 on a regular Saturday morning we (my family) are getting ready to take our 7-year-old son to football and our two-year-old toddler to her dance class. My husband and children were sat at the kitchen table having breakfast as we always do, we always made a concerted effort to have family time around the table over the weekends. My husband, 38 at the time felt a little unwell and went for a lie down. The tight feeling he was experiencing in his chest got worst, and what originally felt like indigestion was something more sinister. A 999 call and a trip to the hospital, followed by some tests, lead to a heart surgeon standing over him telling him he suffered from a heart attack and not a mild one either.
I could see the fear in my husbands’ eyes and at that very moment I knew that our lives were about to change.
Nothing can prepare you for a near death experience, prepare you for the doctor reviews, dosset boxes filled with tablets or the cardio rehab journey that he was likely to embark on, but the one thing that we are ‘thankful’ that he survived the ordeal and that we were prepared for the financial burden that becoming seriously can fall upon you.
Two years before that morning we will never forget, as I normally do, I took some time to review our Finances and Pensions, in fact at that time I had accepted an invitation to work with a firm so lead me to sense check that our provisions were in order. Our current joint life and critical illness cover we had in place was no longer fit for purpose, so I assessed what cover we needed, increased the cover we had and put the appropriate plans in place for us both. We were relevantly healthy and did not suffer with any health conditions, but we both smoked (at the time may I add) So cover was not cheap. It was a case of can we afford not to have cover?
The answer to that was quite simple NO and how right we were.
We pay for Home Insurance, insure our cars even our mobile phones and white goods in the kitchen, so why on earth would we not cover ourselves, cover your family?
My husband’s critical illness plan paid out, and that pay out meant that theoretically he could take the time out that he needed to process what he went through, could take the time that he needed without worrying about the mortgage or bills being paid. This meant that when he returned to work with the support of his employers, he was ready, and money did not have an influence on the decisions he makes. His mind could focus on making a recovery and not making money, because our plans did what they said on the tin – they provided cover in the event of a critical illness diagnosis and paid a replacement income if he was unable to work due to a sickness.
Whilst I know he is profoundly grateful to have had suitable provisions in place the thought of what turmoil we could have found ourselves in from a wellbeing and financial perspective literally makes us shudder!
Despite the personal and sensitive nature of his story, sharing my husbands experience with you is to highlight how vital it is to protect what matters in your life and if you have read to the very end…
To ask yourself can you afford not to have cover in place?