Scottish Widows is emphasising the need for financial protection in the event that the unexpected should happen, following World Heart Day.
World Heart Day is the World Heart Federation’s biggest platform for raising awareness about cardiovascular disease (CVD). Around 425 people die every day – or one every three minutes – in the UK as a result of CVDs, and it’s the nation’s single biggest killer. It accounts for more than twice as many deaths in women than breast cancer, and causes 26% of all deaths in the UK.
However, 21% people admit that their household would not be financially secure for any length of time if it lost its main income through unexpected circumstances, and many Brits are burying their heads in the sand when it comes to having a financial backup plan.
Heart-related disorders were the second largest cause of life cover claims at Scottish Widows in 2015, accounting for 23% of cases for men and 12% of cases for women. It was also the second largest cause of critical illness claims among men, accounting for 22% of claims, and the fourth largest cause among women at 3%,
The company paid out around £27 million for these claims – the equivalent of around £105,000 every working day that year.
Scott Cadger, head of underwriting and claims strategy at Scottish Widows, said: “There are around seven million peopleliving with cardiovascular disease in the UK, and an ageing and growing population and improved survival rates from cardiovascular events could see these numbers rise even further.
“While none of us ever want to think about the worst, our findings show that almost three quarters of the population have no protection in place to protect their families’ financial future if the unexpected were to happen. This could lead to them experiencing a significant financial struggle in the event of an unexpected loss of income due to serious illness or death.”
According to Scottish Widows, there is a widely-held misconception that it’s impossible to get life cover after an event such as a heart attack. In many cases, however, it can still be available.