Are you well protected? If not, maybe you need to reassess your situation following the news from Norwich Union.
According to the insurer, they have paid out £26.9bm in critical illness claims within the last year alone. The major causes for claims were cancer and heart attacks.
Norwich Union's report on claims broke them down and analysed the findings. Firstly, 63% of all claims were cancer related. 13% were due to heart attacks.
Apparently, the average age of claimant was 40 and the average payout was £62,085, with 33% of policies only being in force for less than a year.
Our View:
If these figures do not make you reassess your cover, you must be well insured. In our view, the figures speak for themselves and the statistic of that you are 6 times more likely to be ill than die is being proved.
Many people are insured in the event of death but far too many are not covered in the event of serious illness. We believe that if cost is an issue you should only take out the level of cover that is affordable. Let's face it, even £10,000 in the event of illness would help.
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