Friday, 30 January 2015

You can’t put a price on peace of mind

The most important people in my life

It is funny how your outlook on life changes as you grow older and as your family dynamic alters. I am now the mother of three primary school aged children and I have a very limited income as I no longer work out of the home.  I do earn a little through my writing and this blog but the most important thing for me right now is being there for my family and nurturing my relationship with God.

Whilst it is fabulous to have more time for my closest relationships and to be able to volunteer my services to charities that can utilise me it does sometimes worry me that I do not have an income and thus the security net I used to have. Thankfully our family are in a bit of a unique situation as my husband gets a house as part of his salary package and we now live in the one of the most beautiful places in England, but of course that means the actual monetary part of the salary is far more limited than ever before in our adult lives and monthly saving is but a dream currently.

What would happen if one of us were to fall critically ill? Would we be able to maintain our wonderful life? Probably not, if it was me that was ill my husband would have to take care of the children or arrange for them to be looked after and  given lifts to their school five miles away. We might be able to make it all work because of the amazing community we live within but boy would it be a struggle and I can’t imagine how stressed my husband would end up trying to maintain a senior level job and care for three children and a sick wife.

Then if it was the other way round and he became critically ill I dare not even think about that scenario. Once his sick pay ran out, what would we do as I have no income to speak of? And what about our home, would we still be able to live here? Thankfully through my faith I know we would always be taken care of and out of bad things come good but of course they do not feel very good when you are in the middle of them and I know so many people do not share my faith.

It is therefore sensible to have protection in place, protection in the form of critical illness cover. Then, should the worst case scenario happen and my husband or I are ever critically ill we can ensure that one thing we do not have to worry about is money. We could pay for the care for the children or the sick person and also ensure we can have a warm, safe home to live in and enough food to eat.

You do hear of families in the UK ending up homeless or living below the poverty line because a parent became ill and they did not have any contingency plan in place. Of course there is a cost attached to taking out a critical illness plan but what price can you put on peace of mind? I’d advise you to shop around, perhaps use one of the price comparison websites and find yourself a good deal. Make sure you check out what illnesses are covered by the policy as they do seem to differ from supplier to supplier and your age at the time of taking the policy will have an impact on the pay-out too.

It is all too easy to put aside thoughts of something bad happening within your own family but sadly statistics now show that critical illness is affecting more and more people in the UK. CancerResearch UK announced in September 2014 that someone is diagnosed in the UK with cancer every two minutes. Thankfully the statistics are also showing that people tend to be surviving better but of course that is often thanks to intensive treatment and prolonged periods off work, which again highlight the need for critical illness cover.

Probably the ones to think about most when considering this kind of situation are the children. They need stability during their formative years and it would be enough stress for them just dealing with a critically ill parent let alone having to move house and possibly school due to missed mortgage payments leading to repossession of their family home.

Every family is different and we all require specific protection to suit our own circumstances. All I’ll say is make sure you are talking with your partner and taking the protection you need, please don’t bury your head in the sand and hope it won’t happen to you. As I said at the very beginning, personally I do not think you can put a price on your own peace of mind.



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