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13 Aug 2020

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Critical Illness News

Majority ignoring critical illness cover

Critical illness cover is only taken out by one in five people (20 per cent) according to a new study commissioned by Scottish Provident.

The High Wire Britain research, which was conducted by research company Ipsos MORI, suggested that people are attempting to balance on a "financial tightrope" without a safety net in the form of critical illness or income protection.

Despite a recent string of high-profile illnesses, including the death of reality TV celebrity Jade Goody from cervical cancer, most people still believe that they will not become ill enough to miss six months from work or require protection.

Worryingly, more than a third (34 per cent) of people who expressed a belief on the matter were of the opinion that the odds are one in 100 of them becoming critically ill.

"With the growing gap between the income they enjoy and the protection they are prepared to buy, it is surely clear that the 'High Wire' generation are setting themselves up for a nasty fall," Scottish Provident said.

Last month, insurance giant Swiss Re published figures for the UK life market indicating that sales of critical illness policies fell by 4.7 per cent to 511,045 in 2008.

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