A survey has indicated that many young adults are ill-informed about insurance, as 53% of 18-40 years olds do not know the purpose of critical illness cover1. In fact, 29% admitted they did not even know what it was!
Once critical illness insurance was explained to them, 4 out of 5 said they would consider it. This highlights a lack of awareness, which is perhaps due to the taboo surrounding death and illness; 21% of respondents were reluctant to think about what their loved ones would do if they became unwell. According to the research, if young adults were to take out cover, it would mainly be for their own peace of mind.
What is Critical illness Cover?
Critical illness Cover is an insurance policy that pays out a tax-free lump sum when a defined medical event occurs; if you’re diagnosed with or undergo surgery for a critical illness that meets the providers policy definition during the policy term. For example, following a heart attack, stroke, cancer or another defined critical illness. The provider will only cover the critical illnesses that they have defined in their policy criteria and no others.
Critical Illness Cover is designed to help support you and your family financially when you are diagnosed with a critical illness- so you can solely focus on your recovery without having to worry about how your bills will be paid. Most people choose a lump sum to be paid out, but there is the option to receive the payout as a set income over the term remaining.
Your cover is for a set term, which will be based on how much you want to pay each month (premium) and how long you want your policy to last (policy term).
It’s good to talk, get in touch!
We can advise on the cover that best suits your specific needs and circumstances!
1 Beagle Street
