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
In the UK, most private health insurance policies renew annually, usually on the anniversary of your...
Read More >
We read something shocking recently. Recent figures show that around 40% of UK adults have less than...
Read More >
Be honest, January arrives, the decorations come down… and suddenly the credit card statements arri...
Read More >
January is often when people take a step back and look at their finances with fresh eyes. Once the f...
Read More >
January has a habit of making us take stock. New diaries, fresh plans, and a quiet promise to be a b...
Read More >
Did you know that nearly one in five adults in the UK who start looking into protection insurance do...
Read More >