How Divorce Can Have an Effect on Health – Nigel Rowland Interview by Suzy Miller
Suzy Miller of the Alternative Divorce Guide interviewed Nigel Rowland, a financial services expert about the effect divorce can have on your health – and how to protect yourself from the possible financial fallout during and after this difficult time.
Divorce Has Lasting Impact on Health.
It is no surprise to anyone who has experienced it themselves, to discover that Divorce can have lasting repercussions on health: *studies show that even for those who remarry, the risk of disease is increased by divorce or the loss of a spouse. In these situations, time off work to recover is a reality many have to face, with lost income making for a rapidly worsening scenario.
One study** showed that those who were divorced or widowed were 22% more likely than those who had never been divorced or widowed to suffer from chronic conditions such as heart disease, diabetes and cancer. They were also twice as likely to have chronic health problems as divorced or widowed people who had remarried.
In addition, the risk of mobility problems (such as difficulty climbing stairs or walking short distances) went up by 23% after divorce or loss of a spouse. And remarrying doesn’t provide complete protection: individuals who remarried still had 12% more chronic health conditions and 19% more mobility problems than married people who had never been divorced or widowed. However, they were only slightly more likely to report depression.
Deepening the crisis: stress and unexpected loss of income
Needless to say, divorce brings a host of stressors, and stress itself can cause all kinds of health issues, including heart and mental health problems. Not having an income when you most need it can, of course, exacerbate the stress of the situation, and this in itself has noticeable effects on health and recovery time.
It is expected that your financial affairs will change after a divorce. But for many of those dealing with or recovering from a divorce, getting insurance in place against illness-related loss of income is far down the list of priorities. In fact, less than 1 in 10 households has any form of income protection***. However, the reality is that, as things currently stand, if you found yourself unable to work for health reasons you would only receive a maximum of £73.10 per week in Employment and Support Allowance for the first 13 weeks (for over 25-year-olds) and up to £109.30 thereafter (as of December 2016). In this situation, you would probably be forced to dip into savings or rely on family for financial support. This is where Income Protection Insurance comes in.
The value of a safety net
To cover all the bases in financial planning and ensure peace of mind as you re-build your life, it’s essential to know that a replacement income would be paid if you were to find yourself off work due to illness. When we are in good health, it’s easy to take our ability to earn an income for granted – but, in fact, the situation can change at any time, and with the increased risk that divorce brings, it really isn’t worth applying a false economy. I encourage clients to compare the costs of having Income Protection Insurance and not needing it, with those of needing it but not having it.
Broad-based advice on pressing financial issues
I can advise you on Income Protection Insurance, as well as all areas of wealth management, such as retirement planning, wealth protection and investment planning. With over 30 years in the financial sector, I provide long-term advisory relationships with my clients and am committed to finding tailored solutions as their financial needs evolve over the years. I am available for face-to-face meetings both within the City of London and more widely throughout the South East of England. I will always keep you informed of the latest news and any changes that might affect your personal situation, taking into account your feedback every step of the way.
For a conversation to explore how I can help you, call me now on 07770 770627 / 01903 871699 or email me on email@example.com.
*Linda J. Waite, professor of sociology and director, Center on Aging, University of Chicago.
*Mary Elizabeth Hughes, PhD, Johns Hopkins Bloomberg School of Public Health, Baltimore.
*Mark Hayward, director, Population Research Center, University of Texas at Austin.
The Partner Practice represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.