Do I really need critical illness cover? A guide to protect against the financial impact of a critical illness

Transcription

1 Do I really need critical illness cover? A guide to protect against the financial impact of a critical illness

2 What's inside 2 Cancer survival rates 5 Survival rates are improving 6 Coping with a critical illness 8 Protection you need at a cost you can afford 10 What are your priorities? 12 So why choose Bright Grey? 13 Howard s story

3 Introduction You probably have life insurance for when you die. But what insurance do you have in case you live? Words like cancer, heart attack and stroke immediately make us think the worst. But the statistics in this booklet aren t meant to scare you. We want to show you that more people than ever now survive critical illnesses. Finding out you have a critical illness is devastating. Discovering that you don t have the right protection in place to help you get through it financially doesn t bear thinking about. This booklet shows that everyone should think about protecting themselves against the financial impact of surviving a critical illness. 1

4 Cancer survival rates Your chance of surviving cancer is increasing Thanks to advances in cancer research, thousands of people who wouldn t have survived 10 years ago are still here today.¹ In fact, as you can see from the table, many of the most common cancers show improved survival rates. Although this is great news, statistics don t tell the whole story. Surviving an illness can often create financial pressures, so along with the increase in survival rates comes the need for more financial support. Changes in survival rates for common cancers All cancers Testis Malignant melanoma Prostate Hodgkin lymphoma Breast Uterus NHL Cervix Larynx Bowel Bladder Kidney Leukaemia Ovary Myeloma Stomach Brain Oesophagus Lung Pancreas Incidence Changes in survival, to % 25% 50% 75% 100% Source: 1 age-standardised 10-year net survival, selected cancers, adults aged 15-99, England and Wales , October year net survival, adults aged 15-99, England and Wales, , October Do I really need critical illness cover?

5 87% 87% of breast cancer sufferers will survive for at least 5 years

6 1 in 3 More than 1 in 3 people who suffer a heart attack survive. 1 4 Do I really need critical illness cover?

7 Survival rates are improving Every year, 146,000 people suffer a heart attack. 52,000 of those people will survive. 1 Survival rates for heart attack and stroke patients are also improving. However, living with the effects of these illnesses can mean a complete change in lifestyle. The amount of activity you can do after a heart attack will depend on the condition of your heart. Most people can return to work and the activities they enjoy within a few months of having a heart attack. Others may have to limit their activity if the heart muscle is very weak. The good news is that in most cases heart disease and strokes can be prevented. Following a healthy lifestyle that includes a balanced diet and exercise, not smoking and reducing your alcohol intake can reduce your chances of having a heart attack or stroke. Your GP can check your blood pressure and cholesterol if you re concerned about your health. They ll also be able to advise you on any changes you could make to improve your lifestyle. Strokes can also affect people differently. Many stroke survivors continue to improve over a longer time, sometimes over a number of years. Their recovery is in fact a long period of rehabilitation, as they learn to deal with the effects the stroke has had on them.! Worried about your blood pressure? Speak to your GP today Source: 1 Facts and Figures: Heart Disease in the UK, October

8 Coping with a critical illness 4 in 5 cancer patients suffer a loss of income and/or higher costs as a result of their diagnosis. 1 We ve seen that survival rates for critical illnesses are improving which is great news but life often changes dramatically after diagnosis. Not just emotionally, but financially too. Mortgage payments, council tax, childcare costs, food and utility bills are just some of the regular payments that still have to be made. There might even be extra things to pay for such as medication, or changes to the home. Sick pay from your employer might help, but only for a short period, and state benefits only offer a limited amount. Many people who are well enough to return to work can t always work the same hours as before, so they could well experience a long-term drop in income. It would be nice to know there was a financial cushion to fall back on if this happened, to make life that little bit easier. It would mean you could concentrate on getting better. This is where critical illness cover can really help. Even a little bit is better than none at all. It would give you some peace of mind that if the worst happened, you d be covered. How would you cope financially if you had a critical illness? Source: 1 October Do I really need critical illness cover?

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10 Protection you need at a cost you can afford We regularly buy takeaway coffees or glossy magazines with money that we don t even miss! It s amazing how those little extras bought without thinking soon mount up. Two cappuccinos a week for example might only cost 5, but that adds up to 20 a month or 240 a year. To find out how much you re spending on life s little luxuries, go to and try our lifestyle calculator. It adds up how much you really spend each month on little treats. And yet for 20 a month you could also buy over 40,000 of Life or Critical Illness Cover 1 to protect yourself and your family against the financial impact of a critical illness. Family spending The average UK household spend a week in Transport Recreation/ culture Food nonalcoholic drink Restaurants/ hotels Household goods/services Clothing/ footwear Communications Alcoholic drinks/tobacco Source: 1 Couple age 29 and 26, both non-smokers. 41, year term on guaranteed rates, including 2.60 plan charge, Bright Grey Personal Protection Menu, October National Statistics Online, February Bright Grey research, October Do I really need critical illness cover?

11 There s always something else to spend our money on. Cinema for 2 Once a month 20 a month 3. Tenpin bowling for 2 Once a month 25 a month 3. Total cost 160 A nice bottle of red Once a week 40 a month 3. Dining out for 2 Once a month 75 a month 3. + See how all your treats add up 9

12 What are your priorities? We insure our phones, our homes and even our holidays but sometimes we forget to insure ourselves. This statement may seem odd to you, but statistics show that it s true. We had a look at what people insure and were surprised to find that they place more importance on insuring their mobile phones than protecting themselves from the financial consequences of a critical illness such as cancer. In fact, people are more likely to insure most of their possessions before they think about themselves and their family. Then there's travel insurance, and health or dental insurance. It's even illegal to drive a car without insurance 1. So although there s always something else to insure, perhaps it s time to make insuring ourselves, our health and our family a priority. What people insure 100% 80% 60% 40% % % Critical illness Mobile phone Pet Source: 1 October Mintel, June Mintel, September Mintel, August Do I really need critical illness cover?

13 Pet insurance policy for an average dog a month

14 So why choose Bright Grey? With us you ll get more than just financial protection. You also get our unique Helping Hand service. Unlike other providers, we won t just hand you a cheque and walk away. We want to help. Illness can strike anyone at any time and when it does, it brings lots of questions, concerns, choices and, of course, uncertainty. And that s why we include our unique Helping Hand service within every menu plan at no extra cost. Helping Hand gives you and your immediate family access to your own personal nurse adviser from RedArc, an independent care advisory service. They can give you direct contact and ongoing support, write a care plan or put you in touch with support groups. And if you re unsure about a diagnosis or recommended course of treatment, your personal nurse adviser can discuss a second medical opinion with you and may help you decide if you would benefit from this. They can then arrange for the second opinion to take place within the NHS or private sector in the UK, Channel Islands or Isle of Man whichever is right for you. What s more, your nurse adviser will then be able to help you understand the second opinion and the suggested options as well as offering support to help you cope. They can also arrange additional therapy or counselling to help you all at no extra cost. And the help isn t limited to just the plan owner. We know that if you ve had to make a claim, your family will need to come to terms with something devastating. So our Helping Hand service is able to offer help and support to them for as long as they need it. You and your family can use Helping Hand as soon as your plan starts you don t have to claim to use it. We're here to 'hold, guide and support them' through probably one of the most traumatic experiences of their lives. Sue McNelly Personal Nurse Adviser 88% of people we referred in 2014 used Helping Hand. 1 Source: 1 RedArc statistics, Do I really need critical illness cover?

15 Howard s story It s all about a hand up, not just a hand out. In July 2004, 41-year-old Howard Tighe suffered a stroke. But thanks to Helping Hand, he returned to work just 12 months later. Howard s personal nurse adviser Jan arranged a series of physiotherapy sessions that helped increase his mobility and independence. There was no extra cost for Howard s treatment it was all included in his Bright Grey plan. Without the tailored, practical help and emotional support Helping Hand gave me and my family, I wouldn't have made the recovery I did. Howard Tighe Bright Grey Customer If you want to find out how our Helping Hand service can support you and your family when you need it most, talk to your adviser or visit to read about other Bright Grey customer stories. For more information, watch this clip

16 We all love to live life. So let s protect it too. T F E help@brightgrey.com W A 2 Queen Street, Edinburgh, EH2 1BG Bright Grey is a division of the Royal London Group, which consists of The Royal London Mutual Insurance Society Limited and its subsidiaries. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number It provides life assurance and pensions and is a member of the Association of British Insurers and the Association of Financial Mutuals. Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. PC1524C.0215