Critical Illness

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 MS sufferers have one thing in common.

They’re women.

MSThere 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.

MS 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 our definition is better than that and means you don’t have to wait as long for your diagnosis to be confirmed3.

 

65,000

women in the UK have been diagnosed with MS1

 

81%

of the women who claimed for MS were 40 or younger2

1 in 9

of all women’s critical illness claims were for MS2

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. 01489 580020 or email info@parkgate.net

 

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.  

Parkinson’s disease is a progressive, degenerative disorder of the central nervous system which mainly affects movement but can also lead to behavioural problems and dementia.

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.

A stroke is where the blood supply to the brain is interrupted which causes the sudden death of some brain cells. This is usually caused by a blockage or rupture of an artery to the brain. Another term for stroke is cerebrovascular episode or accident (CVA).

Systemic lupus erythematosus  – The body’s immune system produces white blood cells and proteins called antibodies to destroy viruses and bacteria that are foreign to the body. Lupus, like other auto-immune diseases, mistakes your own tissue as foreign and attacks it causing inflammation. It can affect major organs in the body and stop them functioning properly.

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