Recent reports have highlighted that there is a general lack of knowledge when it comes to critical illness cover.
Younger generations are particularly misinformed, with one study1 indicating that a fifth of Gen Z and Millennials don’t have critical illness cover because they do not understand it or its benefits. Meanwhile, a quarter thought that a pay-out could only be used to pay off a mortgage. Paul Roberts at CIEXpert commented that “critical illness cover suffers from an identity crisis, misunderstood, undersold and underbought”.
Read the small print
Another report2 found 49% of policy holders did not know which illnesses they are covered for. Also, 57% thought their policy would still be in place after receiving a full pay-out, however most policies only pay out once. Unaware consumers could therefore be left unexpectedly uninsured when they are most vulnerable.
Seek advice
85% of respondents1 said they have not taken professional advice regarding CIC, and two fifths do not have it because they think it’s too expensive. CIC is crucial protection; we can explain the benefits and find an affordable option that works for you.
As with all insurance policies, conditions and exclusions will apply.
Your home may be repossessed if you do not keep up repayments on your mortgage.
1 CIExpert
2 Vitality
