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Bloomfield Financial's Blog

The Cancer Lottery

Written by John J Bloomfield

Lottery Money PotApparently 32 million people play the lottery in the UK each week and on average they buy three tickets each.1 That's an amazing statistic when you consider the astronomical odds of winning the Jackpot, the odds of winning the main lotto draw are almost 14 million to 1! It's even 57 to 1 to win £25!2 For most people it's just money down the drain.

Is Life and Critical Illness Insurance Money Down The Drain?

Well not if you value financial peace of mind it isn't. I'm sure you don't want to die prematurely or suffer a critical illness but if you do I'm sure you will want to know that your family are protected.
As we are talking about odds though did you know that it's only 3 to 1 that you will have a cancer in your lifetime.3 There is good news though your chances of surviving are 50% (better for some cancers worse for others).

Unless you have no debt and nobody depending on your income then coping with the financial consequences, along with the emotional turmoil that a diagnosis of cancer brings for your family whether you survive or not can be absolutely devastating.
If you're going to spend money on something that might never happen then protecting yourself and your family with life and critical illness is certainly a better bet than the lottery.

Minimise the cost by having a professional such as myself calculate how much cover you need and get you the best price on it.

 

External Resources:
Links to visit external sites to expand on the above points - we (Bloomfield Financial Limited) and True Potential Associate Partners Ltd are not responsible for the accuracy of the information contained within the linked sites.

  1. http://www.dailymail.co.uk/sciencetech/article-2383644/Why-playing-lottery-addictive-Our-brains-t-cope-little-odds-winning-make-irrational-decisions.html
  2. https://www.national-lottery.co.uk/player/p/help/aboutlotto/prizecalculation.ftl
  3. http://www.cancerresearchuk.org/cancer-info/cancerstats/incidence/risk/statistics-on-the-risk-of-developing-cancer
  4. http://www.cancerresearchuk.org/cancer-info/cancerstats/survival/england-and-wales-cancer-survival-statistics

 

Image Credit: Lisa Brewster