A few facts...
900 people today will lose their partner
1 in 3 people will suffer a critical illness before the age of 60
92% of people don't have any critical illness cover, yet 25% of people will need one
The average age for a claim on critical illness policies is 43 after only 60 months of paying premiums
Ladies, the number one condition for claims is breast cancer at an average age of 42
Gents, 4th is testicular cancer, average age - 38
As you've asked, 2nd is Heart Attack, 3rd is Skin Cancer
The average age for a child to suffer a critical illness is 8 and most current day policies cover this as standard
People will happily spend £65 per year to insure a washing machine worth a few hundred pounds against breakdown yet won't spend £65 a month to insure their income worth thousands
Benefits provided by employers are being reduced year on year to cut costs - how long before there's no benefits left
The average premium for a mortgage protection policy is £40 per month - that's just £1.20 a day
Did you know... policies do pay out!!
In 2007, Friends Provident paid out on over 90% of the claims submitted on its critical illness policies
Money can't stop it happening...
Colin McRae
Kylie Minogue
Patrick Swayze
but it can stop it taking everything you've worked for
Target...
leave your family with a debt free home
leave your family with a year of YOUR income
give yourself 2 years off work if you're ill
put your policies in trust - don't lose it to taxation
dont rely on your employer or the state to provide - there isn't the funding to maintain this
Bear in mind though, you may not be able to obtain cover. Underwriting may require reports from your GP, Medical Examinations or other tests. Your occupation could also have an impact on whether cover is available or not.
Only 47% of Friends Provident applications submitted in 2006 were accepted based on answers to medical questions. 53% required further information, forms or reports.
Don't miss anything off those forms - omission of information about medical history, or even sports and past-times, could render your policy void.
Above all else - ASK and take advice from advisers not sales people.
Source: Friends Provident and Home of Choice - Protection Meeting 27th February 2008
