A few facts...
900 people in the UK will lose their partner today – every 2 seconds someone dies
The death rate in the UK is currently 100% - and is not expected to change!
1 in 4 people will suffer a critical illness before the age of 65 – every 15 mnutes someone is told they have cancer
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 44 after only 72 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, joint 3rd is Multiple Sclerosis and Stroke
The average age for a child to suffer a critical illness is 8 and most current day policies cover this as standard – the fifth most common claim on critical ilness is for our children.
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 claim form for State Sickness Benefits is 68 pages long to claim around £97 per week – and that’s if you’re one of the lucky 10% whose claim is paid!
The average premium for a mortgage protection policy is £40 per month - that's just £1.20 a day
Do you have to have this insurance? No, the bank is perfectly happy to take the house from your widow and children instead!!
Source: First Complete Regional Meeting (12th January 2011)
Did you know... policies do pay out!!
In 2009, Legal & General paid out on over 93% of the claims submitted on its critical illness policies on 570 claims totalling £152 million
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.
On average only half of applications submitted are accepted based on answers to medical questions- the other half 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.
ASK and take advice from advisers not sales people or websites - “ADVICE not PRICE”.
The Clayton Hulme Partnership are award nominated protection advisers who are proud to advise and sell protection insurances as it’s a pleasure giving millions of pounds to clients when they really need it most.
If you think Critical Illness policies dont have much cover included in them, take a look at an example of the conditions currently covered by Legal & General who cover up to 39 Critical Illness conditions:
1. Alzheimer’s disease – resulting in permanent symptoms.
2. Aorta graft surgery – requiring surgical replacement
3. Aplastic Anaemia – with permanent bone marrow failure
4. Bacterial meningitis – resulting in permanent symptoms
5. Benign Brain Tumour – resulting in either surgical removal or permanent symptoms
6. Blindness – permanent and irreversible
7. Cancer – excluding less advanced cases
8. Cardiomyopathy – of specified severity
9. Coma – resulting in permanent symptoms
10. Coronary artery by-pass grafts – with surgical thoracotomy
11. Creutzfeldt-Jakob disease – resulting in permanent symptoms
12. Deafness – permanent and irreversible
13. Dementia – resulting in permanent symptoms
14. Encephalitis – resulting in permanent symptoms
15. Heart attack - of specified severity
16. Heart valve replacement or repair – with surgical thoracotomy
17. HIV infection – caught from a blood transfusion, physical assault or accident at work
18. Kidney failure – requiring dialysis
19. Liver failure – of advanced stage
20. Loss of a hand or foot – permanent physical severance
21. Loss of speech – permanent and irreversible
22. Major organ transplant
23. Mastectomy for ductal carcinoma in situ – requiring total removal of the breast
24. Motor neurone disease – resulting in permanent symptoms.
25. Multiple sclerosis – with persisting symptoms
26. Multiple system atrophy – resulting in permanent symptoms
27. Open heart surgery – with median sternotomy
28. Paralysis of a limb – total and irreversible
29. Parkinson’s disease – resulting in permanent symptoms.
30. Primary pulmonary hypertension – of specified severity
31. Progressive Supranuclear Palsy – resulting in permanent symptoms
32. Removal of an eyeball – due to injury or disease
33. Respiratory failure – of advanced stage
34. Stroke – resulting in permanent symptoms
35. Systemic Lupus Erythematosus – with severe complications
36. Terminal Illness
37. Third degree burns – covering 20% of the surface area of the body or 20% of the face or head
38. Total and permanent disability
39. Traumatic head injury – resulting in permanent symptoms
Source: Legal & General Term Comparison Literature (13/01/2011)
For the full definitions of each of these conditions and how they could relate to you, please contact us on 0161 434 6016 or by email at enquiries@claytonhulme.co.uk