For many, a new year signals a fresh start, with resolutions covering everything from health and wellbeing to getting in control of finances. At Taylor Burke Partnership, we understand the importance of both your health and your wealth, which is why our first newsletter looks at the many benefits of critical illness protection.

We hope you find this information useful and if you have any questions or you’d like to talk to us about any aspect of your financial planning, please get in touch.

No one can predict what life will bring, but having the right financial protection in place can help you be a little more prepared should you have to face challenging times.

While we like to think that suffering a critical illness such as cancer, or having a stroke or a heart attack won’t happen to us, sadly, experience shows that it can and does happen. Critical illness can affect anyone, at any age, and the fundamental impact is far reaching.

Medical science is ever advancing and survival rates for critical illnesses are improving, however, life often changes dramatically after diagnosis – emotionally and financially.

There are now 2.5 million people
living with cancer in the UK**

By 2020, one in two people will get
cancer at some point in their lives**

There are around 7 million people living
with cardiovascular disease in the UK***

An estimated 915,000 people alive in the
UK today have survived a heart attack***

If you’re diagnosed with a critical illness, it’s likely you’ll be unable to work for a period, and you might not realise just how quickly your savings become depleted. Mortgage, council tax, childcare costs, food and utility bills are just some of the regular payments that must be made.

There might be other considerations, medication or changes to the home, too. Employer’s ‘sick pay’ will only help for a brief period of time and state benefits offer a limited amount. You may also experience a long-term drop in income should you be unable to return to full time employement.

At an already challenging time, the last thing you should be worrying about is managing your finances.

Critical illness protection is designed to provide a financial cushion for you and your loved ones, by paying out a tax-free lump sum upon diagnosis of certain specified life-threatening or debilitating (but not necessarily fatal) illnesses. This includes cancer, stroke, heart attack, and if you must undergo certain types of surgery.

At Taylor Burke we can advise you on the best critical illness protection to suit your own, individual circumstances, and help you prepare for the unexpected. Having this cover can give you and your family peace of mind knowing you’ll have financial support at a time when you need it the most.