New research(1) from Specialists4Protection.co,uk, a new specialist life and protection advisory firm, reveals that over the past 10 years, 11% of adults have suffered from a critical illness that meant they had to stop work permanently or for a prolonged period of time, but had no insurance cover for this. Some 14% of men claim that this has happened to them, and the corresponding figure for women is 9%.
Only 24% of people with children under the age of 18 and/or who are in a long term relationship currently have critical illness cover, which pays out a lump sum if you suffer from a medical condition listed on the policy.
Of those people who have suffered from a serious medical condition and had to stop work but had no insurance, 18% said that it contributed to them losing their home as a result of this. Some 14% said that their relationship with their partner broke down, one in ten said it had a negative impact on their children and 47% said that they suffered from depression.
Paul Litster, Managing Director, Specialists4Protection.co.uksaid: “The economic difficulties over the past few years has seen many companies cut back on their employee benefits packages, and in many cases this has seen critical illness cover no longer being offered.
In addition to this, our research(2) shows that 8% of IFAs have stopped selling critical illness cover over the past five years because they want to focus on the more profitable investment management side of their businesses.
“If you have dependents and significant monthly outgoings such as a mortgage, having critical illness cover can be essential for many people.”
Specialists4Protection.co.uk has a dedicated team of trained advisers who are passionate about finding the right cover for their customers. The company’s independence allows it to recommend the best insurance products from leading insurers who can provide cover for all requirements.