Everyone worries about their health at some point in their life – it’s human nature.
Though, often, the fear isn’t about the illness itself, but rather what might happen if you were to fall seriously ill. You might start to worry about whether you can afford to take time off work, or if your loved ones would struggle financially without your support.
You could even find yourself preoccupied by worries about your future, and if you are one of these people, there are plenty of support networks that can help you. One of them may be financial protection.
Knowing you have a financial safety net in place can give you a sense of control and help you focus on your recovery rather than spiralling into “what if” scenarios.
So, continue reading to discover what health anxiety is, and how financial protection could help alleviate your concerns.
You may be experiencing “health anxiety” if you constantly worry about your wellbeing
“Health anxiety” is simply when you spend far too much time worrying that you’re ill, or will become seriously unwell in the future.
The NHS reveals that some of the symptoms of health anxiety might include:
- Constantly worrying about your health
- Frequently checking for signs of illness
- Asking others for reassurance that you aren’t ill
- Worrying that doctors might have missed something.
Perhaps one of the more recognisable behaviours tied to health anxiety is self-diagnosis. This is incredibly easy to do these days, especially with the wealth of information available at your fingertips on the internet.
According to the HR Director, people aged 35 to 44 have the highest rate of self-diagnosis, with 54% admitting to turning to the internet for answers.
While it might seem like a practical way to avoid a trip to your GP, self-diagnosis often results in more harm than good. This is because many symptoms may overlap between conditions, and online resources tend to simplify complex issues, leaving out the nuance that a trained professional would identify.
This could heighten your anxiety, making you fixate on the worst-case scenarios and fuel some sleepless nights.
Financial protection could help you secure some much-needed peace of mind
As mentioned, financial protection can be a practical tool to help you make it through challenging times, such as periods of illness. Read on to find out more about the forms of protection available and how they could provide you with some much-needed peace of mind.
Income protection
Income protection is designed to provide you with a regular source of income, usually around 60% of your salary, if you’re unable to work due to an accident or illness.
With this in place, you could continue paying essential bills, such as your mortgage or food and utilities, while focusing on your recovery.
Knowing that you have this invaluable form of protection ahead of time can be an incredible source of peace of mind that you’ll be able to meet your financial obligations even if you’re unable to work.
Critical illness cover
Critical illness cover works slightly differently. Instead of a monthly payment, it offers a tax-free lump sum if you’re diagnosed with a serious condition covered by your provider.
If you do receive a life-changing diagnosis, the last thing you want to be worrying about is how you’ll pay your bills. So, critical illness cover could allow you to pay for private treatment, adapt your home to be more disability-friendly, or simply give yourself the peace of mind and time needed to get better.
You may even want to consider a combination of both income protection and critical illness cover, as the lump sum could support you over the long term while the regular payments help you manage day-to-day bills.
Together, they could form a safety net that gives you immense peace of mind and helps to alleviate health anxiety.
It’s important to note that payment will not be made for a critical illness claim arising from an excluded condition.
Private health insurance
There’s a chance you may not have given private health insurance much thought, mainly thanks to the availability of the NHS in the UK.
Though, it could still give you an additional level of peace of mind, as it may allow you to potentially obtain faster access to specialists, diagnostic tests, and general treatment.
Knowing that there’s less chance you face unnecessary delay could ease some of the uncertainty and worry surrounding a sudden illness, reducing the “what if” factors that often contribute to health anxiety.
Life cover
While it is challenging to think about an event as serious as your passing, it’s crucial, nonetheless.
This is because you might worry about how your family would cope if you passed unexpectedly, if they’d manage to pay off the mortgage, deal with an Inheritance Tax bill on your estate, or even manage a funeral bill.
Life cover provides your beneficiaries with a lump sum that could allow them to manage their financial situation during a time of grief.
For you, knowing that your loved ones would be looked after financially could bring an immediate sense of relief and reassurance, helping to quiet any worries about being a burden on your family.
A planner could help you determine the appropriate levels of cover
With so many different forms of protection available, it can be challenging to decide which would best suit your unique circumstances. This is where working with a financial planner could be of great benefit.
A planner will take the time to understand your needs, goals, and concerns. Then, they help you decide on the proper levels of cover, ensuring you have protection that suits your lifestyle.
Moreover, your protection needs likely won’t remain the same throughout your life. As you buy a home or grow your family, a planner could review your cover to ensure that it still aligns with your needs.
Ultimately, having the support of a planner isn’t just about preparing for the worst, but giving yourself the freedom to enjoy life without constantly worrying about your health.
To find out how we could give you some of this much-needed relief, please contact us by email at info@investmentsense.co.uk or call 0115 933 8433.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.
Note that financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Failure to disclose any requested or relevant information may adversely affect any future claims
For some income protection plans, benefits may be reduced if you receive other regular income, such as salary or pension
