Recent data from Scottish Widows Protection Research found that 34% of people who pay between £500 and £749 a month on mortgage payments have no life cover or critical illness cover* – when this could prove to be essential in the event that income is drastically reduced either due to death, injury or illness. What’s more, 72% of people aren’t aware that some protection policies can include access to support and advice services to help deal with illness or bereavement.

As an insurance consultant, it’s my job to ensure that you’re aware of the type of policies available including what they do and don’t cover. What’s more, with it being the new year, I thought it was a great time to refresh your knowledge by revealing how illness insurance and life cover can protect more than just your health. 

Much-needed financial support 

While private health insurance is designed to cover the cost of medical treatment and care, there are other policies like life cover and critical illness cover that provide a tax-free lump sum when paid out that can be used however you like. This includes for monthly expenses in the event that your income is lost, as well as other health-related expenses.

For example, even if you can’t work because of an accident, injury or illness, household bills, rent or mortgage payments will still need to be paid. Lots of people forget about existing debt too like a car loan or credit card. Not only can insurance help to pay for this but it can also cover medical expenses like equipment installation at home or regular transport to hospital in the event that you become critically ill. 

Finally, if you are already paying for childcare or perhaps will need to if you fall ill, insurance can help to take care of this as well as additional expenditures like school uniform and university in the event that you can’t work. 

Telephone support and advice 

Insurance doesn’t just provide financial support but some providers also offer telephone support and counselling for members and their families, even in the event that grief counselling isn’t included in their policy. Delivered by registered nurses, this could mean that you or someone in your family gets the relevant support and practical guidance they need.

What’s more, there is also similar support available for those who have been diagnosed with an illness and those who cannot work because of an accident, illness or injury and are struggling to come to terms with it.

Lifestyle offers 

While every health insurance policy and provider is different many offer incentives and rewards for taking out cover including gym offers and discounts. This includes cheaper membership, the option to try different activities and gyms, and even no cancellation charges. Put simply, it gives you more control over and greater flexibility when it comes to looking after your health and wellbeing in a way that works for you. 

Why insurance is more important than you think

Lots of people we talk to admit that they haven’t got insurance – either because they think they’re too young, they think it will cost too much, or they simply don’t understand the benefits. That’s why we’re determined to highlight how life and health insurance can be used. 

Plus, if you depend on your money – whether it’s to fund a lifestyle or pay for mortgage or rental costs, financial protection will give you peace of mind. Not to mention, protect your financial dependents who rely on your income. 

It’s never too late to invest in health and protection either so don’t worry if finding personal cover has passed you by as we can take care of it. That’s exactly what we’ve been doing for the past 20 years. In fact, we make finding insurance quick and easy, and we can even review your existing cover to ensure you’re on the cheapest policy. There’s no fee payable when you get in touch either. So, why not pick up the phone today and see how we could help? We’ll even recommend different types of life insurance plans including critical illness insurance or income protection insurance if we think there’s a better one out there.

*As stated in the Scottish Widows Protect Facts 2022/23 Leaflet. 

Moore Health & Protection is a trading style of Tony Moore which is an appointed representative of The Right Mortgage Limited. The Right Mortgage Ltd is registered in England and Wales no. 08130498. Registered Address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH.