What happens if you become unable to work?
Illness or accident can affect your ability to meet your bills, so what can you do?
A serious or chronic health problem is something we all may have to face at some point in our lives and while it presents a whole series of problems for the whole family concerned, those problems are magnified if the problem affects the main breadwinner in a family.
If your income dries up due to injury or illness, you could face problems meeting your bills, adding extra stress at a time when you need to be focusing on your recovery. Even if you have as much as €50,000 savings in the bank, that could disappear in as little as 17 months, based on outgoings of €3000 per month. Friends First recent claims statistics show the average claim lasts longer than 5 years. If that's the case then the financial consequences can be troubling.
That’s where adequate income protection coverage can make a real difference and Income Protection from Friends First can provide you with up to 75% of your normal income when you're off work due to illness or injury - helping to cover regular expenditure & ensure minimal lifestyle changes for you and your family. There are a myriad of health reasons why your income might be effected but here are some of the most likely.
Approximately 10,000 people die each year from cardiovascular disease, making it the most common cause of death in Ireland, accounting for 36% of all deaths, according to Irish Heart Disease Awareness. A heart attack is often a failure of prevention that has been building up for many years. Currently, 70% of people will suffer a heart attack following a partial plaque rupture that causes the sudden formation of a blood clot inside the artery which causes a block.
The number of people under the age of 65 who have suffered a stroke in Ireland has jumped by 26% in the last seven years according to the Irish Heart Foundation. Each year, approximately 10,000 Irish people have a stroke and around 2,000 die.
A survey by Chronic Pain and Pfizer found that up to 400,000 people suffer from chronic back pain in Ireland, with as many as 250,000 people in Ireland suffering from nerve-related back pain. The survey found that people suffering from chronic back pain took an average of 11 days off work, and that their productivity was affected for an average of 26 days. The prevalence of nerve-related back pain in working people was particularly significant as 80% of those affected were aged under 50. A whopping 28% of Income Protection Claims in Friends First were Orthopedic related in 2015.
According to the Irish Cancer Society, the latest statistics suggest that one in three people in Ireland will experience the illness in their lifetime. More and more people are recovering from their initial diagnosis due to advances in healthcare. That means the number of cancer survivors is increasing and while it’s important to note that 63.5% returned to work, the remainder face potential unemployment and the extra hardship associated with that. Survival of cancer can come with a host of associated problems including chronic pain, depression and anxiety which can affect a survivor’s working life. As many as one in three breast cancer survivors who were employed at time of diagnosis were unemployed four years later according to a report that appeared in the online journal Cancer in 2014.
According to Aware, a voluntary organisation which supports people with depression 300,000 people in Ireland suffer from depression. Depression is quite common and about one in ten people will experience depression at some point in their lives. However, the exact number of people with depression is hard to estimate because many people do not get help or are not formally diagnosed with the condition.
Ireland is slightly above the EU average in terms of the number of fatal accidents at work in a year, according to European Union's statistics agency, Eurostat, shows that the rate of workplace deaths in Ireland was just over four per 100,000 people employed in 2012. The family farm was the most dangerous workplace, with fatalities in the agricultural sector accounting for 30 deaths in 2014, compared to 16 the previous year, an increase of 87pc. Some 57% of farm accidents are on dairy farms, so if you work on a dairy farm, your chances of having a farm accident are higher than farmers in other enterprises.
Fortunately, Friends First Income Protection is a financial product that is specifically designed to help you cope with the financial consequences of any accident or illness that leaves you unable to work and earn an income. Not only is Income Protection affordable, but like private health insurance, you will enjoy tax relief on any premiums you pay. Which makes it doubly attractive for the times we are living in.
Friends First Income Protection will provide you with an alternative source of income for the duration of your recovery, either until you return to work or reach retirement age. The policy will begin to pay you an income of up to 75% of your normal income after a waiting/deferred period of between 13 weeks and 12 months. If you are hospitalised during your deferred period, your Income Protection policy will still pay you a replacement income for each day of your hospital stay.