Worrying number of Brits without critical illness cover
Over the past 10 years, 11% of adults have suffered from a critical illness that meant they had to stop work, but had no insurance cover for this, according to Specialists4Protection.co.uk.
The life and protection advisory firm noted that 14% of men claim that this has happened to them, and 9% of women.
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 10 said it had a negative impact on their children and 47% said that they suffered from depression.
Paul Litster, managing director of Specialists4Protection.co.uk, said: “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.
“If you have dependents and significant monthly outgoings such as a mortgage, having critical illness cover can be essential for many people.”