How much does critical illness cost the UK economy?
30th November, 2018
The financial impact of critical illness on an individual is clear, but a new Cost of Critical Illness report from Legal and General has shown just how much critical illness costs the UK economy as a whole.
Legal and General’s report has calculated that critical illness costs the UK a total of £15.2bn a year. This can come from absences from work, but also through the complications experienced when dealing with critical illness such as cancer, multiple sclerosis, strokes and heart disease.
More than a fifth (22%) of the cost was the result of returning to work prematurely or continuing to work whilst ill, which can cause fatigue and post-traumatic stress. Having to stop working due to critical illness costs as much as £2bn, and around 57,000 cancer sufferers also require some form of Employment and Support Allowance (ESA).
Despite this, it is still the physical, emotional and financial impact on the individual that is of most crucial concern, putting the spotlight on protection. When diagnosed with a critical illness, it is often necessary to take time off work. Critical Illness cover pays out a lump sum, to take care of financial worries whilst you concentrate on your recovery.