LV= paid out more than £20m in critical illness (CI) claims between January and September 2022.
The mutual revealed more than 258 people were supported after they received a life-changing diagnosis, including 14 child critical illness cases with claims totalling £360,000.
The youngest person to make a CI claim was 22 years old, while the average age to claim is 48 years old. The most common causes for critical illness claims were cancer (57%), heart attacks (13%) and strokes (7%).
The claims data was released alongside new research showing more than four in 10 25–44-year-olds would struggle financially if accident or illness stopped them from working.
Young adults feeling financially vulnerable
LV=’s survey of 4,000 UK adults showed 45% of 25–44-year-olds without a protection policy were not confident they could financially cope if they fell ill. More than a quarter (28%) of workers in this age group would struggle to pay household bills if they were unable to work for two months or more.
Half also said their partner relied on their income and they need both incomes to cover their monthly outgoings.
Mike Farrell, protection sales director at LV=, said: “The cost of living crisis will continue to be a challenge that many of us face for some time to come as the UK navigates through difficult economic conditions.
“Our research shows three in five people without a protection product would feel more financially resilient if they had a policy that paid if they were unable to work due to illness or injury.
“That is why is it so important for people to consult a financial adviser and find a protection policy to protect people and families and show them the positive impact that protection will have on achieving their financial goals. Protecting income is at the heart of building financial resilience and an area where advisers are uniquely placed to support their clients.”
Andy Walton, protection proposition director at Mortgage Advice Bureau, said: “As the cost of living crisis bites, it is even more important to ensure we have the right conversations with customers about their financial position if they are unable to work.
“The data from LV= research shows that almost half of people surveyed are not confident they can cope financially if they fall ill. This lines up with UK savings statistics which tell us that 41% of Brits don’t have enough savings to live for one month without income.
“We understand disposable income in real terms is going to contract for many people – but this makes protection even more crucial. As advisers we should do more, not less at this time to help customers understand the knife edge they are potentially living on without it. We should help customers move protection up their priority ladder.”