We all have many claims on our hard-earned salaries and we obviously like to get the best value from whatever we buy, so many of us don’t see the true value of something like critical illness insurance – until we need it. When we are young we think we are invulnerable and nothing’s going to …
Millions of Britons have admitted they would be in real financial trouble if serious illness forced the family breadwinner out of work for any length of time. New research by Scottish Widows has revealed a fifth of all households would not remain financially secure for any length of time.
While many of us hold life insurance to protect our families should the worst happen to us only a small number have any cover to protect them if serious illness doesn’t kill them but stops them working. Recent research by Aviva has shown that, when we start to worry about our personal health, over half …
In the dark days of financial austerity many workers found their employee benefits being eroded as employers struggled to maintain profitability. One of the most common ones to fall by the wayside was critical illness insurance, designed to preserve your income if you are forced to give up work through accident or serious illness.
UK families are running the risk of their finances being hit by critical illness, despite insurance packages being available to protect them from as little as £5 a month. Scottish Widows believe we are ‘woefully under-protected’ should serious illness strike.
New research shows that 11.7 million families are in danger of losing their homes because of an insurance ‘protection gap.’ Research by insurance company Aviva has found that almost 12 million UK families have no insurance cover in place to pay the bills if the main breadwinner either dies or becomes unable to work.
The world of insurance can sometimes seem complex and confusing and not all types of policy are easily understood – amongst these is critical illness. In these financially stringent times most of us are careful how we spend our money and asking ‘what can critical illness cover do for me?’ is a sensible question.
More and more families are choosing to protect their standard of living by taking out insurance which pays out a lump sum if either partner comes out of work through sickness, injury or even death. But experts say far too many families are still working without a safety net.
Payouts for critical illness claims have overtaken claims for life policies for the first time, say Friends Life. Head of underwriting, Chris Pollard, says the provider paid out £122 million in critical illness claims in 2014 – £1 million more than for life claims.