World Cancer Day is an international day observed on 4th February each year. It is a global initiative that aims to raise awareness about cancer, encourage its prevention, detection, and treatment and unite people worldwide in the fight against this deadly disease.
Though it does not bear thinking about, receiving a cancer diagnosis is much more common than you might think. According to Breakthrough Cancer Research almost 42,000 new cases of cancer are diagnosed each year in Ireland, which means that sadly one person is diagnosed with this disease every 15 minutes. Having a cancer diagnosis can change a lot of things in your life and could possibly have you thinking more carefully into your future. Having income protection in place can be crucial to maintaining financial stability for you and your family during times of illness.
- What would happen if my income suddenly stopped because of an illness such as cancer?
- How long would my employer pay me if I was on prolonged sick leave?
- How long would my family or I cope financially?
What is Income Protection Cover?
- Cover that pays you a replacement income if you are unable to work due to cancer.
- You will continue to receive an income until you are well enough to return to work, or if not, until your retirement age.
Key Benefits of an Income Protection Policy
- Replacement of a portion of your income during disability or illness.
- Ensure you can continue to meet your monthly mortgage repayments and household bills.
- Help you maintain your current standard of living.
The Steps to Create your Own Plan
- Decide how much income you want to protect, up to 75% of earnings less State Illness Benefit.
- Decide when you want your cover to commence.
- This is referred to as the deferred period and is the time you wait before the benefit is paid out. Choose when your cover will cease.
- You can pick any age between 60 and 70 years.
Applying for income protection cover when you have had cancer can feel like a minefield of trying to pick the right insurer. It can be difficult at the best of times knowing where to start, even as a person working within the industry. Speaking with a trained and experienced financial adviser at LHK Financial can get you off to the right start, especially if there is a need for medical reports or you have any questions throughout the application process.
Through a detailed analysis of your circumstances, the LHK Financial team will ensure that you have sufficient benefits in place to meet the financial shortfall caused by a premature death, diagnosis of a serious illness or loss of income. In many cases this protection may be structured by LHK Financial in such a way so that the costs are eligible for tax-relief.
Contact the LHK Financial team to arrange a consultation.