Income Protection Awareness Week, taking place from 21–25 September, provides an opportunity to think about the financial impact that illness, injury or bereavement can have.
No one can predict what lies ahead, but suitable financial protection can provide valuable support when circumstances change unexpectedly.
There are different forms of protection available, each designed to provide support in different circumstances:
- Income protection is designed to provide a regular income if illness or injury prevents someone from working.
- Critical illness cover can provide a lump-sum payment following the diagnosis of a condition covered by the policy.
- Life assurance can provide financial support for loved ones following the death of the person insured.
The type and level of cover required will depend on individual circumstances. The following experiences, shared by two Oracle clients, show how critical illness and life cover supported them during exceptionally difficult periods.
Financial reassurance during a serious illness
One Oracle client became seriously ill and was away from work for several months. Their critical illness cover provided financial reassurance while they focused on their health and recovery:
“When you become seriously ill, there is already so much to deal with emotionally and physically. Having critical illness cover meant I didn’t also have to worry about money as my sick leave extended from weeks into months.
The claims process involved some paperwork, but Jay at Oracle was amazing. He kept in touch and liaised with the insurer, which made a real difference.
The payout provided financial reassurance and helped cover unexpected costs, including travel and accommodation so someone could accompany me to appointments in the UK. Without it, I would have been worrying about money when I needed to focus on getting well.”
As well as providing financial support, the experience demonstrates the importance of having someone available to help navigate the claims process. Jay supported the client with the paperwork and liaised with the insurer on their behalf.
Supporting a family through a life-changing experience
Stuart and his wife had life and critical illness cover in place when she was diagnosed with cancer.
The critical illness payout allowed the family to concentrate on her treatment and spend valuable time together without the same level of financial worry. Following his wife’s death, the life assurance payout covered a large portion of their mortgage.
Stuart said:
“My wife and I had life and critical illness cover in place when she was diagnosed with cancer. The critical illness payout meant we could focus on her treatment, spend time together and make memories without financial worry.
Sadly, when my wife passed away, the life insurance payout covered a large portion of our mortgage. Without it, I would have had to sell our home and life would have been very different for me and our two young boys.
The claims process was straightforward and handled with understanding. I can’t thank Conor and the Oracle team enough for their support before, during and after such a life-changing experience.”
Stuart’s experience highlights how different forms of protection can provide support at different stages—from helping a family manage financially during treatment to providing longer-term security following bereavement.
More than a financial payout
These experiences demonstrate that protection is not only about the eventual payout. Having guidance and practical support during the claims process can make an important difference at a time when individuals and families are already managing significant emotional and practical pressures.
The Oracle team can explain the different types of protection available and help identify options suited to individual circumstances.
To discuss income protection, critical illness cover or life assurance, call the team on 01481 810550 or visit our Life Assurance and Critical Illness page.
Cover is subject to eligibility and individual policy terms and conditions.
