In this week’s article, we’ll be looking at the impact of being diagnosed with a critical illness
John, a 40 year old IT Contractor, was recently diagnosed with an aggressive type of prostate cancer. It was only found by chance after attending his 40+ routine Wellman check where he explained he was having some unusual symptoms. Although he was feeling a little under the weather, he had been experiencing urgent and often painful urination cycles, low-grade constant back pain and bouts of constipation which hadn’t gone away. After a full examination, further tests / investigations were carried out, it was found he has an advanced type of prostate cancer.
John was put on an aggressive treatment as his symptoms very quickly became uncontrollable resulting in extended absence from work. Doctors told him there is a very good chance he will make it to nearly full health post treatments. BUT, with all cancers, it is never 100%, he needed to commit to the treatment and focus on recovery to give himself the best chance.
Soon after treatments commenced, his worries soon moved from getting better to financials, he was the only earner with a young family to take care of; paying for the bills, kids, mortgage, car loans, which were still coming through.
The real kicker was just around the corner as his contract was due for renewal in two months and he was nowhere near able to continue work.
*Case study based on real-life events.
Most people’s options are quite limited in this situation.
One of the simplest and most effective solutions is to protect yourself if you were to become critically unwell. A tax-free lump sum would be paid out which can then be used as you see fit whether you need to pay your monthly mortgage or clear it off outright, cover outgoings to taking experimental therapy at a cost, this will give you the options when you need them most.
This will not secure your contract for another term, but it will remove that financial worry and allow you to focus on getting better as quickly as possible.
Better still, the cover offered by C&D Business Protection Specialists can be;
Call C&D Business Protection Specialists for a free no obligation quote.