Protecting Yourself in Times of Sickness: What You Need to Consider
In times of illness, protecting yourself becomes paramount. Whether facing a short-term illness or preparing for unexpected health challenges, taking proactive steps can safeguard your well-being and financial stability. This blog explores essential considerations to protect yourself during sickness, offering valuable insights and practical tips.
1. Protect yourself and your family with Life Insurance
Ensuring you have adequate life insurance cover is crucial for safeguarding your family’s financial well-being in the event of your passing. Take the time to review your current life insurance requirements and any existing policies to ensure they offer sufficient cover to meet your family’s needs, including paying off any outstanding mortgage or debts, covering living expenses, and funding future financial goals. Consider factors such as changes in your family’s financial situation, the cost of living, and any outstanding debts when evaluating your needs. At The Mortgage Hub our experienced Protection Adviser can help you to explore options for reviewing your existing cover or exploring the options available through additional cover to ensure your loved ones are adequately protected.
2. Ensure financial protection with an Emergency Fund
An emergency fund is money you put aside to cover a financial shock, such as losing your job, or for a large, unexpected expense. Building an emergency fund can help prevent you needing to borrow money or make difficult financial decisions in those moments, by giving you savings to fall back on.
How much you need, and what an ‘emergency’ is will depend on your situation and we strongly advise establishing an emergency fund to act as a cushion.
Strive to save an amount that covers a few months’ worth of living expenses, encompassing mortgage payments, utilities, and other necessities. An emergency fund offers reassurance and financial stability during difficult periods.
In certain situations, your mortgage provider may offer a mortgage holiday. Reach out to our mortgage advisors for guidance and support in exploring this option.
3. Establish further protection with serious illness and critical illness insurance
Another insurance option worth considering is serious illness or critical illness cover, depending on your individual circumstances. Serious Illness Cover serves as a financial safeguard in the event of illness, providing a lump sum payout based on the severity of your condition. This allows you to concentrate on your recovery without worrying about financial strain.
Unlike standard critical illness cover, serious illness cover extends to less severe conditions in addition to critical ones. If you become ill and need to make a claim, this insurance will provide a portion of your coverage based on the severity of your condition. This means that even if a condition is detected early, the insurance provider will offer a payout to alleviate financial pressure, while the remainder of your coverage remains available for future claims, if necessary.
Our expert Protection Adviser can discuss all these options in detail with you and look at the various types of cover available to ensure you have suitable protection in place should the unexpected happen. Get in touch today to find out more, there is no obligation but it will ensure you are suitably informed to make the right decision for your personal circumstances.
4. Support yourself with income protection
Income protection insurance is a policy that pays out if you’re unable to work because of injury or illness. It works by paying out regularly to replace a portion of your income.It’s there to help you pay your household bills, mortgage payments, credit card bills and everyday costs that you can no longer cover, by making sure you have a regular income over the long term.
Income protection usually pays out until retirement, death or your return to work, although short-term income protection policies, which last for one or two years, are also available at a lower cost.
Unfortunately, only a few employers support their staff for long periods if they’re off sick from work. For most people though, given the low level of state benefits available, and the lack of statutory sick pay for anyone who is self-employed, those of working age should consider some form of income protection if they can afford it.
Income protection allows you to be able to take care of your everyday costs whilst you focus on getting well enough to return to work. The cost of income protection varies depending on the level and length of cover but you will find it can be surprisingly affordable with the benefits and peace of mind it brings out weighing the costs.
If you would like to find out more about income protection and get an idea of the costs involved get in touch today and our experienced Protection Adviser can explore your options.
5. Prevent sickness with the help of Healthy Lifestyle Practices
However, there is a proactive approach to potentially delay the need for the aforementioned measures to come into effect. Prioritising a healthy lifestyle can significantly bolster your immune system and decrease the likelihood of falling ill. This includes maintaining a balanced diet, engaging in regular physical activity, ensuring adequate sleep, and effectively managing stress. Additionally, practicing good hygiene habits, like frequent handwashing and avoiding close contact with sick individuals, can help minimise the spread of infectious diseases. By adopting these preventive measures, you can empower yourself to take control of your health and well-being.
Conclusion regarding protection insurance and caring for yourself in times of illness
Protecting yourself in times of sickness requires careful planning and proactive measures to safeguard your health and financial well-being. By prioritising your protection needs, building an emergency fund, securing income protection, serious or critical illness insurance and adopting healthy lifestyle practices, you can navigate illness with confidence and resilience. Stay proactive and prepared to face any health challenges that may arise, ensuring peace of mind and security for yourself and your loved ones.
Speak to our experts for assistance with life insurance, income protection or critical illness cover
There’s never a wrong time to prioritise protection for you and your family. If you’re self-employed, especially, securing sickness coverage is crucial. Reach out to one of our experts directly at 01698 200050 or email info@mortgagehub.co.ukto discuss your options and ensure your peace of mind.