According to recent figures released by pension, insurance and investment company Aegon UK, around 60% of all critical illness claims in 2016 were made as a result of a cancer diagnosis. This reflects the growing number of people who are being diagnosed with the condition and also the increased number of cancers covered by many insurers’ critical illness policies.
For many people diagnosed with a serious condition like cancer, the money they receive through their critical illness policy is a real lifeline. Allowing them to support their families, pay for treatment and make adjustments to their home, critical illness cover can help to remove the financial worry of being diagnosed with a serious condition.
Critical illness claims
More men and women in the UK are being diagnosed with cancer than ever before, with around one in two people now predicted to develop the disease during their lifetime. The most common cancers in the UK are breast, prostate, bowel and lung cancer. This is reflected in the figures released by Aegon which showed that 31% of cancer related critical illness claims in 2016 were for breast cancers.
Those making a claim on their critical illness policy will receive a tax free lump sum that can then be used to pay for medical essentials and living expenses. As the majority of people see their income drop by around £570 a month following a cancer diagnosis, this money can make a huge difference to quality of life.
According to Aviva, 92.3% of critical illness claims were paid out in 2016. This shows that, in the event of cancer, a heart attack, a stroke or another serious medical condition, policyholders have a very good chance of receiving a lump sum.
Critical illness cover
According to @futureproofltd, in 2016 the average critical illness claim paid was £72,871. With the vast majority of claims receiving a payout, this shows just how much of an impact critical illness cover can have on a person’s finances.
Taking out critical illness cover is easy and affordable. If you already have a life insurance policy, critical illness can often be added on to give you improved coverage. In some cases, critical illness cover can also be taken out in its own right, giving you peace of mind for the future.
If you’d like to find out more about critical illness cover or take out a policy of your own, give us a call and speak to one of the expert members of our team, or take a look around our site.
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Written by: Editorial Team