critical_illness

How many of us in the recent past have had some unexpected bad news about a loved one or someone we know well? Obviously devastating to hear, and once the initial shock subsides, the worry begins:

• Will they be okay?
• How will they cope?
• How will they manage financially?

Although many don’t like to talk about it, and some might think it crass to do so, dealing with financial issues arising from a debilitating illness is a huge burden. Loss of income from employment or self-employment can have very serious consequences for the family, adding yet more stress and worry. Besides lost income there can be additional costs involved, be it medical expenses, travel, accommodation; and of course these are on top of existing living expenses, paying the mortgage, utility bills, running a car and the like.

Unfortunately this type of news is not unusual – it happens day-in day-out, but usually it is only when it comes to our own doorstep that we actually sit up and take notice. By then it is too late if you have not already made some financial provision.

Just last month, Irish Life issued a press release stating that, according to their Annual Claims report, Cancer remains the leading cause of death and illness in Donegal, amounting to 50% of all claims. In total, Irish Life alone paid out €2.6 million for 40 Life Insurance claims in County Donegal and a further €1.6 million for 26 Specified Illness claims. Cancer was again the main cause of both Life Insurance (48%) and Specified Illness claims (54%), while heart related conditions accounted for 13% of deaths and 20% of Specified Illnesses. Worryingly, the average age of both Life Insurance claims and Specified Illness claims was 55 years.
So why then do so few of us have financial protection in case we get sick or die unexpectedly? Many of us say that we must look about life and serious illness cover but approximately only 1 in 5 actually do anything about it.
What’s even more surprising is that the cost of the cover is normally a lot less than what you might be expecting.

Example:
Joe aged 35 and Mary aged 37 – both non-smokers
Dual life cover of €250,000 with accelerated serious illness cover of €50,000 for a 25 year term would cost €70.46 per month or €16.26 per week (subject to underwriting)

Having this cover would mean::
1. €250,000 would be paid out on the death of either Joe or Mary during the policy term (€500,000 if both died), or
2. €50,000 would be paid out if either Joe or Mary were diagnosed with a serious illness (as defined by the policy) during the policy term (€100,000 if both were diagnosed with a serious illness), with the balance of €200,000 each then remaining as life cover should they die during the remaining term.

That’s a substantial amount of cover for very little cost. So again why do so few have it? In our experience it would seem that people just don’t know where to turn to get clear, simple, independent advice – advice they can trust.
At MLMG we pride ourselves in doing just that. Every client, big and small, is treated the same; you will be advised on the basis that we are standing in your shoes; you will walk away understanding how products work, knowing what you have, why you have it, if its right for you, and the reassurance that we are here to help you at any time should your circumstances change.
So why not take the first step? Call us today on 07493 21420 or email info@mlmgfinancial.ie