To coincide with Stroke Awareness Month in May, Scottish Widows is highlighting the nation’s lack of a financial back-up plan should a stroke or any other serious condition like this be diagnosed.
Stroke occurs approximately 152,000 times a year in the UK, which is one every three minutes and 27 seconds and there are more than 1.2 million stroke survivors. It’s the fourth single largest cause of death in the UK and second in the world, and by the age of 75, 1 in 5 women and 1 in 6 men will have a stroke.
Men have a 25% higher risk of having a stroke and at a younger age compared with women, but as women live longer, they have a higher incidence rate. Every two seconds, someone in the world will have a stroke for the first time.
Stroke was, in fact, the third largest cause of critical illness claims at Scottish Widows in 2015, and the sixth largest cause of life cover claims. The company paid out more than £10.8 million for these claims – the equivalent of more than £41,500 every working day that year. The average age of people who made stroke-related critical illness claims was 50.
Research from Scottish Widows reveals, however, that only a third (32%) of people have life insurance, and just one in ten (9%) have taken out critical illness cover. Instead, more than a third (36%) admit they would resort to dipping into their savings if they found themselves in a position where they or their partner were unable to work.
Moreover, a quarter (25%) of Brits could only afford to pay household bills for a maximum of three months if they or their partner were unable to work due to long-term illness, and just over a quarter (26%) could only make a maximum of three monthly mortgage payments.
If you would like personalised advice on Life & Critical illness Insurance give Bluebell a call today.
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