Updated: Jan 17
"It'll never happen to me", "It's so unlikely", "That's not something I need to worry about". How many times have you said these things to yourself about certain situations? We all know of someone who has had to be signed off for work for a few months, has been diagnosed with a serious illness, or even unexpectedly passed away. It's always a shock and so many people can't imagine it happening to themselves. But have you ever really thought about your risk levels of something happening?
The Risk Reality Calculator can offer you a general idea of the chances of one of the above
situations happening to you before your chosen retirement age. All you need to do is enter just a few personal details to get your results. The details include your age, gender, whether you're a smoker or not, and your preferred retirement age. The clever calculator uses population and industry statistics to generate your personal results which are shown as a percentage.
It's important to bare in mind that of course results are just a guide and are not definite.
Let's take a look at a couple of examples...
A 30 year old female non-smoker with a preferred retirement age of 60 has risks of the following happening before age 60:
- 29% risk of being unable to work for two or more months
- 8% risk of suffering from a serious illness
- 2% risk of death
- 32% likelihood of any of the above happening
A 40 year old male smoker with a preferred retirement age of 65 has risks of the following
happening before age 65:
- 32% of being unable to work for two or more months
- 18% risk of suffering from a serious illness
- 11% risk of death
- 43% of any of the above happening
The idea of this calculator is that you can make sure you and your loves can prepare as best as you can should something unexpected happen and you aren't able to work. If you can't work for a significant period of time for whatever reason and your family relies on your income, it can put a huge financial and emotional strain on you and your family.
That's why income protection, critical illness cover and life insurance are so vital. If you aren't
prepared for the above eventualities, get in touch today.
You can access the Risk Reality Calculator here: riskreality.co.uk/gen