Pete was a young , fit , healthy man . As a 30-something marathon runner , his persistent cough , chest infections and pneumonia weren ’ t thought of as anything serious by doctors .
IT TOOK US TWO YEARS TO GET HIM DIAGNOSED BECAUSE HE WAS SO YOUNG AND DIDN ’ T SMOKE ,” SAYS BETH . “ LUNG CANCER WASN ’ T A THING AND IT TOOK US GOING PRIVATE TO GET HIM DIAGNOSED .
Pete worked in the insurance industry and was very risk averse . The couple had arranged life insurance and critical illness policies after moving house and having their second child . Pete took financial advice , which helped him understand the best policies for his family . “ He had the understanding and the desire to get it but didn ’ t really know how much or for how long .”
It turns out this advice would support a life-changing time for the family , as Pete was later diagnosed with stage 4 lung cancer and given two years to live .
I WAS JUST AN INFORMED PARTY RATHER THAN A DECISION MAKER . HE DECIDED IT WAS THE RIGHT THING TO DO . THANK GOD WE DID .
Paying for memories , not mortgages Critical illness and life insurance policies are often sold on the fact that the money can be used to pay off a mortgage . But this wasn ’ t how Beth ’ s family used it .
Instead , they made the best of the life they had left together . It paid for an extension , they had family holidays to Disneyland and Lapland . “ I absolutely took the brief of , go make memories ,” says Beth .
The payment also gave Beth and Pete more options about healthcare and work . “ One of the major things was that we could go private . Once you have stage 4 lung cancer your options on the NHS are quite limited . When you go private , it ’ s a night and day experience . You have access to all of the drugs and it ’ s your choice through discussions about what you will go on and what treatment you ’ ll have .”
It also meant Beth had the freedom to take time off to be with Pete – appointments , hospital stays , sitting with him while he had treatment , and spending time together without worrying about going back to work .
“ If you ’ re in a situation whereby you ’ re financially dependent on that salary , that must be a level of pressure that I think would have broken me ,” she says . “ It was enough to look after Pete , to advocate for what he needed , to look after the kids .”
“ The rest of forever ” Pete died just after his 40th birthday . His policies have meant that Beth can take the time she needs to grieve and be with her two children .
She recommends that advisers talk to their clients not just about what cover can do in the short to medium term , but the long-term impact it can have too . “ There ’ s also for the rest of forever . I ’ ve lost half a household income . If you had no cover , you ’ ll be at your lowest financial ebb because you will have used up all of your resources to get you to that point …
YOU HAVE THAT PRESSURE ON YOU TO DO SOMETHING ABOUT IT WHEN YOU ’ RE JUST IN THE MOST VULNERABLE PLACE YOU ’ VE EVER BEEN IN .”
Critical illness cover Beth describes herself as the “ biggest advocate ” for critical illness cover now , paying £ 100 a month for her policy . She says her experience has changed her mindset and counts herself lucky if she never has to claim on her policy .
She encourages advisers to be real with their clients about the emotions of a situation like hers and Pete ’ s . She says that generally , financial advice is angled to paying off the mortgage . “ We don ’ t talk about the actual impact on your life . It ’ s absolutely all about making it real . If you just keep it in money and mortgage and outgoings , it ’ s a really difficult conversation to land . But if you ’ re bringing in the emotions and what that can mean and trying to paint a picture of what that impact can have , people can take themselves there and actually understand what it is .”
Listen to Beth ’ s full interview on episode 17 of the Just Covered podcast ( adviser . legalandgeneral . com / podcast ) or watch Beth and Pete talk about their story ( adviser . legalandgeneral . com / pete ).
| PROTECTION ADVISER | AUTUMN 2024 | 29