Critical illness conditions

Critical IllnessPeople must consider taking out cover earlier in life as around one in four claims for critical illness (CI) occurs before the age of 40, research has found.

According to data from RGA, which looked at the percentage of life and CI claims in the UK by age group, 8% of people aged 25-40 had a life insurance claim.

This figure rose to a quarter (24%) for CI claims in the same age group.

Kevin Carr, chief executive at the Protection Review warned that putting off buying cover until later in life can be “counterproductive.”

Meanwhile two-thirds (61%) of people aged 40-60 claimed on life insurance, while seven in ten (70%) claimed on CI.

Finally, while just 5% of those over 60 claimed on critical illness, a third claimed on life cover.

Carr added: “Based on this new data around one in every 12 claims for life cover in the UK occurs before the age of 40, which is probably higher than most people would expect. For critical illness the number rises to 1 in 4 which shows that putting off buying cover until we are older can be counterproductive.”

Phil Jeynes, head of account development at PruProtect said: “This data shows us the importance of putting cover in place as early in life as possible. Policies such as Serious Illness Cover pay out on diagnosis of even early stage cancers or less severe heart attacks.

“Conditions such as these can affect people of any age and cover is usually cheaper for younger people, so it makes sense to look at protecting yourself at the earliest opportunity.”

Two out of three multiple sclerosis sufferers have one thing in common.

They’re women

There are around 100,000 multiple sclerosis sufferers in the UK1. In fact it’s one of the five most common critical illnesses claimed for2. What’s more, it affects twice as many women as men1.

 Multiple sclerosis is also very difficult to diagnose.

That’s why many providers use the standard definition from the Association of British Insurers to make decisions on a claim.

But at Bright Grey their definition of multiple sclerosis is better than that and means you don’t have to wait as long for your diagnosis to be confirmed3.

1 in 9 of all women’s critical illness claims were for multiple sclerosis2

81%   of the women who claimed for multiple sclerosis were 40 or younger2

65,000 women in the UK have been diagnosed with multiple sclerosis1

Sources: 1. www.mssociety.org.uk, May 2012. 2. Bright Grey claims statistics, 1 July – 31 December 2011. 3. This improved definition applies to menu plans with a quote effective date of 28 May 2012 or later.

So, if you’re thinking about critical illness cover, choose an insurer that acts sooner rather than later to help multiple sclerosis sufferers.

Talk to Park Gate. We’ll help you identify your individual protection needs and guide you through the various types of cover available to make sure you get the right cover at the right price. Call 01489 580020 or email info@parkgate.net

 

The pulmonary artery is the artery that provides a blood supply to the lungs. This may become damaged or diseased and therefore require surgery to repair.

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