Frequent Questions

Product Information

Jargon Buster

Helpful Articles

Helpful Calculators

Knowledge Base


The Quote Process Explained

Helpful Articles

Back..  Why do so few women have critical illness cover?

 

It has recently come been revealed that one in every five claims for critical illness in the UK is related to breast cancer. Whilst 1 per cent of breast cancer cases are accounted for by male sufferers, it is predominantly a female disease and it is now the most common cancer amongst women affecting approximately one million worldwide. In the UK itself, 1 in 9 women will suffer from breast cancer at some stage of their lives, accounting for 30 per cent of all female cancers.

Yet despite these statistics, a recent survey by Axa has revealed that half of the women in Britain have no life assurance, critical illness cover or income protection and a further quarter simply rely on their partner’s policies. This begs the question; why do so few women purchase critical illness cover?

It appears there are a number of reasons however the most obvious is simply that critical illness cover does not always lead to a guaranteed payout. In recent years this has prompted fervent criticism from consumers who often feel they have been mis sold the cover in the first place. Most insurance providers will payout if the policy holder suffers from one of the specified illnesses or conditions listed on their policy. It is important to remember however, that these are also subject to exclusions, and early stage breast cancer for example, is one such illness that will not lead to an automatic payout.

Such criticism has since led to some providers taking a new approach to critical illness. PruProtect launched its Serious Illness Cover last year which unlike traditional critical illness policies will payout if the policyholder suffers from serious illnesses as well as advanced or life threatening ones. An additional feature is that it will pay out a lump sum based on the severity of the illness or disability, which means although policyholders may not receive the full sum assured immediately, they will receive income at an earlier stage of the illness.

Improvements in screening procedures and treatments for life-threatening illnesses such as breast cancer mean that many more women are surviving. Indeed, Cancer Research UK statistics show that between 1989 and 2007, the mortality rate for women aged between 40-64 years plummeted by 41 per cent. With continued improvements in medicine, it is apparent that the need for critical illness products that will indeed provide sufferers with financial security whilst they recover will continue to become increasingly relevant.