Concern about being diagnosed with a serious illness is growing, but many are uninsured for such a scenario, research from Vitality has discovered.
Developing cancer is a concern for 61% of 2,000 people surveyed by the health insurer, while more than half worry about having a stroke (53%) or heart attack (52%).
Yet only one in 10 (11%) are covered against experiencing any of these life-changing conditions.
Even many of those who have critical illness cover are uncertain about how their policy works, particularly after they make a successful calm.
More than two in five (42%) are unsure as to whether their policy ends following a successful claim.
Almost three-quarters of those surveyed (72%) would value a policy that continues to protect against future events after paying a claim. Only 28% are aware that some policies are structured in this way.
Justin Taurog, chief executive of Vitality Life UK (pictured), said the research underlines the importance of looking beyond cost when selecting critical illness cover.
“As people live longer and increasingly recover from serious conditions, serious illness is less likely to be a one‑off event and more something individuals manage over time.”
This change in health outcomes was a driver behind the company allowing policyholders to make multiple claims. Indeed, one in 10 of its serious illness claims have been paid to someone who has previously made a successful claim.
“For advisers, this reinforces the opportunity to help clients understand not only cover at the point of diagnosis, but how protection is designed to respond after a claim and remain aligned with longer‑term health and financial needs,” Taurog concluded.