Four in five young adults consider taking out critical illness cover (CIC) once they understand the product. But the biggest holdback is understanding CIC—or even hearing about it!
CIC can help protect your family should you fall ill or need medical treatment for a serious condition. This cover ensures the bills are paid while putting food on the table if you cannot work.
For many people, being diagnosed with a serious condition would create financial problems. Critical illness cover can be a lifeline for families to keep on top of bills in difficult times. It helps pay off the mortgage. Or even pay for rehabilitation support.
We looked at the research. The main reason young adults have or would consider taking out CIC is to give themselves and their families peace of mind. To pay for private medical treatment if needed. And to use the money to keep on top of bills.
According to research by Beagle Street*. When asked how their family would cope if they became seriously ill and couldn't work. 20% of respondents said they did not want to think about it. While 10% noted that their family would not cope as they are the primary wage earner. A similar number wasn’t sure what to do.
Cost was the most important factor when considering taking out cover. This is followed by coverage of various illnesses and easy access to healthcare advice and support.
This research shows that CIC needs to be more accessible.
Are you among the many young adults considering CIC once you understand the benefits? Or do you know a young adult who would benefit from more information? Has this changed how you feel about CIC?
We can discuss policies to ensure you and your family are looked after. Giving you peace of mind for the future. We'd love to hear from you!
SPEAK TO AN ADVISER
SOURCE: *https://www.covermagazine.co.uk/news/4165081/adults-consider-purchasing-cic
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