Mortgage Industry News

← Back

Critical illness cover vital to ensure income

Date: Mon, 24 Apr 2006

Being forced to take time off work because of illness could lead to severe financial problems, according to new research.

The Department for Work and Pensions estimates that UK workers are three times more likely to be off work for longer than three months through illness or injury than to die before the age of retirement. Therefore critical illness cover could be vital to ensure an income during such periods of covered illness.

However, all workers are advised to double-check the medical conditions covered by their critical illness policies as well as making sure they disclose any potential problems on their initial application.

Philippa Gee, from independent financial advisers Torquil Clark, speaking to the Daily Mail, said: "It is incredibly important for people to understand when their policy may pay out and when it will not, rather than blindly assuming it covers any and every condition."

Next year all critical illness policies will be forced to cover the three main conditions that account for around four out every five claims – cancer, heart attack and stroke.


© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.