Cover Magazine recently published an article titled “The (actual) cost of missed protection – Heidi Loughlin’s story”, this powerful article should reminded us all why it is not enough to just be insured.
In the article, Kathryn Knowles uncovers the claims that would have been paid to Heidi Loughlin had she taken out the right cover.
It is a difficult read, but it highlights why you simply cannot and should not cut corners when sorting your life insurance.
Heidi Loughlin’s tragic story is one that those of us in insurance are desperate to ensure is never repeated.
You simply can’t underestimate how important it is to have a robust insurance policy in place to protect you and your family throughout difficult times.
Sadly events that we hope will never happen, do happen.
We don’t like to think about what ifs when we are fit and healthy but not getting the right cover in place for every eventuality can have a devastating impact.
By telling Heidi’s story Cover Magazine highlights just why having the right level of protection is important, the article shares a detailed account of her experiences which hopefully will encourage everyone reading it to check what is included in their own cover.
The article says, “The instinct for critical illness cover is to repay the mortgage, after all that is what the policy would originally be intended for. But that doesn’t have to be the case.
“Heidi and her husband may have decided to use this money to pay for her treatment privately, once the NHS funding stops. The NHS will stop funding this treatment, it is very expensive (around £90,000 per year) and they will only pay for a few more years.
“The critical illness payment could be used to pay for over a year’s worth of life-extending treatment for Heidi.
“By including the family income benefit too, this would have given her husband the added security of knowing that he had funds to continue repaying the mortgage, when she passes away. This could potentially add to their decision to use all or some of the funds from the critical illness claim, to pay for Heidi’s treatment.”
The above extract from the Cover Magazine article highlights just how important it is to make sure that you consider all potential options and scenarios when confirming your policy, you can’t do that on a price comparison site alone.
The article goes on to look at how the situation changes for Heidi Loughlin over the next five years and includes this powerful quote from Heidi.
“”When one in two people get cancer in their lifetime it is a no brainer to insure yourself. I spent £30 a month on my bloody cat’s policy and those gits have nine lives,” she told the Magazine.
The subject matter of the article is sensitive, we don’t like to think about it and we certainly don’t like to talk about worse case what ifs but we have to be prepared for them.
It has taken an incredible amount of bravery from Heidi Loughlin to share her story and I really hope that it helps people understand the importance of finding the right level of cover.
The post The (Actual) Cost of Missed Protection appeared first on The Mortgage Bureau.
https://www.themortgagebureau.co.uk/blog/the-actual-cost-of-missed-protection/
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