When there is a vicious bug going around the office or if someone you know has a terrible cold, have you ever thought, ‘please don’t let me get ill, I can’t afford to be off work’? I know I have – because I’m worried about my workload and having to catch-up if I miss a day or two. Thankfully, I’m one of the lucky ones that haven't become critically ill or injured.

New research from Royal London reveals that for those who find themselves having to deal with a critical illness – such as, cancer, heart attack or stroke – also have the added financial pressure from dealing with unexpected bills and having to take time off work.

The study showed that more than half (51%) of those people who have been diagnosed with a critical illness said they faced a shortfall in their income - 3.5 million people! Also, Royal London found that a third (33%) of those with a critical illness took six months or more off work.

If you are employed but too ill to work, you are entitled to Statutory Sick Pay (SSP) from your employer. This is currently £89.35 per week and it is paid for up to 28 weeks if you qualify.

However, it is reported that if you are critically ill, you are likely to see a rise in your day-to-day living costs. Those with a critical illness attended five hospital appointments a month on average, with transport to the hospital, doctor or chemist being the most common extra expense for 67% of people surveyed. 33% said that their utility expenditure increased – probably because they were at home more often and using more gas and electricity.

Plus, it was stated because family often stepped in to help care for their loved ones who were critically ill, more than half (54%) of working, family carers also had to take time off or reduce their working hours as a result of caring for someone with an illness.

Having to cope with a critical illness must be tough, but potentially having to deal with the additional costs of being ill, on top of a loss of income, could make the situation more worrying.

Sadly, many people are diagnosed with a critical illness each day;

• Every 2 minutes someone in the UK is diagnosed with cancer,
• Every 7 minutes someone in the UK will have a heart attack,
• Every 12 minutes someone in the UK will have a stroke.

Latest figures from the Association of British Insurers (ABI) and Group Risk Development (GRiD) show in 2016, over £1 billion was paid to over 15,000 critical illness policy claimants. Yet, so many of us are without a plan in place to help ourselves deal with the cost of being seriously ill.

Critical illness insurance is designed to pay out if someone is diagnosed with any number of illnesses as specified in the policy. It is usually paid as a tax-free lump sum and the money can be used to help with the potential increase in day-to-day expenditure or the additional costs of being ill such as care costs, medical bills or even travelling abroad for treatment.

To speak to an advisor about your options, give us a call today on 0800 612 8005.

Credit: Opinium, on behalf of Royal London, surveyed 3,004 UK adults online from 19th - 23rd June 2017.