Here are some sobering statistics for you from L&G:
Around 2 in 3 adults don’t have life insurance
Only 1 in 10 adults have Critical Illness cover
Only 7% of adults have an income protection policy
In 2018:
the average age for a claim on a life insurance policy was 67 (the youngest 19) and average claim was £34,279
the average age for a claim on a critical illness policy was 48 (the youngest 21, eldest 70) and average claim was £63,477
the average age for a claim on an income protection policy was 41 (youngest 23, eldest 62) and the average claim was £932 per month
1 in 2 will now get cancer in their lifetime. You are 6 times more likely to claim on a critical illness policy than a life insurance policy. In 2018 Cancer accounted for 38% life insurance claims, 93% of terminal illness claims, 65% critical illness claims, 59% children’s critical illness claims and 15% of income protection claims (36% musculoskeletal and 20% mental health).
If you want to talk about your options please get in touch info@imabristol.co.uk or 01174 446753
As with all insurance policies, conditions and exclusions will apply.