Half (51%) of those who have been diagnosed with a critical illness, such as cancer, heart attack or stroke, have also faced a shortfall in their income, according to research from Royal London.
The survey of 3,004 UK adults, which was conducted for the insurer by Opinium, also found two-thirds (65%) of those who faced a financial burden, due either to their own or a loved one's critical illness, covered their outgoings using their existing day-to-day personal finances while three in 10 (31%) dipped into their savings. Royal London group head of protection strategy Debbie Kennedy (pictured) said: "Employees who are too ill to work are entitled to Statutory Sick Pay from their employer - £89.35 per week for up to 28 weeks - but this would not be enough to cover the extra expense...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
