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Critical Illness Insurance : 30 days from financial crisis, says Prudential

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According to research from Prudential, 18 per cent of Britain’s workers were signed off last year due to long-term illness.

 

Despite this, 36 per cent have little or no savings to tide them through emergencies.

 

Prudential warns that people who rely completely on their monthly pay cheque are just 30 days from financial crisis.

 

Research from Prudential warns against the dangers of failing to plan for emergencies such as severe illness.

 

Nearly a fifth of Britain’s workforce was signed off last year with a long-term illness. While some companies may continue to pay a salary for a limited period, others may not, and even for those who do offer sick pay, there is a limit to how long they can do this for.

 

Most people have not taken any action to protect their finances, with the result that millions are living from one payday to the next with no financial back up. In short, they are 30 days from financial crisis.

 

Angus Maciver, Business Director of Insurance, Prudential UK, says:“No-one likes to think that they could get a severe illness, but what if the unthinkable happened? These times would be difficult enough without having to worry about covering the mortgage and potentially losing your home. Yet without any savings or protection, many people put themselves in this vulnerable position. Only one-in-ten plan financially for illness periods. But this leaves them in a precarious position – just 30 days from financial crisis.”

 

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Critical illness cover: News update: August 2006