If you are one of the13% of people in the UK who have taken out critical illness cover to protect themselves against losing their income through ill-health, you are probably aware that critical illness insurance offers identical cover for your children – free of charge.
Income protection insurance policies now allow skilled workers more control to clearly define events covered. You can now receive a payout if you are no longer able to perform your own specific job or activity, rather than having to be incapable of all activities within your profession.
The average UK household would run out of money in just 14 days, if a wage earner was hit by critical illness or died. Despite this, 63% of households still have no life and critical illness cover.
An Office of Fair Trading study into ’small print’ in contracts is likely to focus on life insurance and critical illness insurance, emphasing again the value of independent financial advice.
Consumers with a critical illness which comes in mild and more severe manifestations can often find themselves at odds with their insurance provider, over the validity of a claim. A more flexibile option is ’severity-related’ critical illness insurance, which offers a partial payout for less severe episodes of critical conditions.
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