Increasing Life Expectancy: The Importance of Critical Illness Cover and a Lasting Power of Attorney

Life expectancy across the globe has seen a remarkable increase over the past century. Advances in healthcare, improvements in living standards, better sanitation, and medical breakthroughs have collectively contributed to longer and healthier lives. While longer life expectancy is undoubtedly a positive development, it also brings certain challenges, particularly concerning healthcare and financial security in later years.

According to the Office for National Statistics (ONS), life expectancy at birth has increased significantly since the early 20th century. Factors such as declining smoking rates, improved healthcare access, advancements in medical technology, and better public health initiatives have all played a crucial role in this upward trajectory.

Why Does Increased Life Expectancy Require Critical Illness Cover?

One of the significant implications of increasing life expectancy is the changing demographic landscape. The UK, like many other developed nations, is experiencing an aging population. While longer life spans are a testament to medical progress and societal improvements, they also bring unique challenges, particularly in terms of healthcare provision and financial planning.

As people live longer, they are more susceptible to age-related health issues and chronic conditions. Medical advancements have improved treatment outcomes for many diseases, but they have also led to an increased prevalence of chronic illnesses that require long-term management. Conditions such as heart disease, cancer, diabetes, and stroke are more common among older individuals, necessitating comprehensive healthcare coverage and financial protection.

If I Get Insurance for Future Ill Health, Why Do I Need a Lasting Power of Attorney as Well?

While preparing yourself for critical illness will give you peace of mind for a future where you may be out of work, an LPA ensures that your wishes are carried out in the instance of loss of capacity. Your critical illness insurance will allow you a financial safety net to help you in the face of long-term ill health. However, you also need to consider what will happen should you no longer be in a state of mind to make decisions about your health and finances. Putting in place a Lasting Power of Attorney means that you know who will be responsible for taking care of your wellbeing and assets if you become incapacitated. However, if you don’t have an LPA and you become mentally incapable of taking care of yourself, your loved ones will need to apply for deputyship. It is often a drawn-out and expensive process.

Winston Solicitors Highlight the Importance of Pre-Empting Critical Illness

In a recent blog post, Winston Solicitors go into more detail on what it means to have an aging population and why critical illness cover and a Lasting Power of Attorney is vital for quality of life in later years. READ THE BLOG HERE >>>

Who Do I Speak to About Getting Cover for Critical Illness and a Lasting Power of Attorney?

Becoming a burden on your loved ones either through ill-health or incapacity isn’t something that anyone wants for their future. That’s why planning now for whatever comes your way gives you peace of mind. So no matter what happens, you can rest assured that you’re covered for most critical illness eventualities.

Get Critical Illness Cover

Book a no obligation consultation with us today to discuss your critical ill health cover. There really is no better time to plan for your future. Call us on 0333 050 0088, or email us at [email protected]. Learn more >>>

Arrange a Lasting Power of Attorney for Health and Wellbeing

We highly recommend you get legal advice from a specialist solicitor. Winston Solicitors* offers expert guidance on how to secure a Lasting Power of Attorney for Health and Wellbeing. To talk to Winston Solicitors about an LPA, please contact their Wills and Probate team on 0113 320 5000, or email [email protected].

This blog is intended for guidance purposes only and does not constitute advice. Each critical illness policy will have specified conditions which it covers and a financial adviser can provide you with more detail on this subject.

*The products and services promoted here are not part of The Openwork Partnership offering and are offered in our own right. The Openwork Partnership accept no responsibility for this aspect of our business. Lasting Power of Attorney is not regulated by the Financial Conduct Authority.

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