Call to boost critical illness awareness
Published ¤ 28/10/2011 15:19:26
Protection experts have called for efforts to be made to boost the awareness and benefits of critical illness protection, reports MoneyFacts.
The drive comes after a meeting of some of the sector's major players to discuss how they could better improve their critical illness offerings.
Critical illness is often overlooked for life cover, and one of the suggestions made is that £20,000 worth of critical illness cover should be added to life policies, making it more affordable.
People who take out critical illness policies are covered if they fall into ill health and are can no longer work.
It means that in difficult times, individuals and families can still rely on a regular income to cover essentials such as mortgage repayments, energy bills and other insurance cover.
But with the benefits often overlooked and only a small minority of Britons having a critical illness policy as part of their protection portfolio, Bright Grey and Scottish Provident have launched a paper looking at how to improve what is on offer.
It includes recommendations to educate consumers on the benefits of taking out critical illness, while simplifying the conditions that would be covered and the likelihood of being able to claim.
Another key strategy is to work with leading charities, such as the Macmillan Cancer Support, in order to raise awareness of the financial support that the products offer.
"Consumers have a lot of priorities and they see protection in a much broader spectrum - from PMI cover, death cover, mortgage cover, to compulsory motor insurance for example," said Neil McCarthy, sales and marketing director, Death and Life Pensions Services.
Original article by Moneyfacts, 04/10/2011.
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