A quarter of Critical illness claims are made before age 40

People must consider taking out cover earlier in life as around one in four claims for critical illness (CI) occurs before the age of 40, research has found.

According to recent data, which looked at the percentage of life and critical illness claims in the UK by age group –

8% of people aged 25-40 had a life insurance claim.

24% of people aged 25-40 had a critical insurance claim.

Other findings showed –

61% of people aged 40 to 60 had a life insurance claim.

70% of people aged 40 to 60 had a critical insurance claim.

Finally –

33% of people aged 60 plus had a life insurance claim.

5% of people aged 60 plus had a critical insurance claim.

So what does this mean ?

Based on this new data around one in every 12 claims for life cover in the UK occurs before the age of 40, which is probably higher than most people would expect.

For critical illness the number rises to 1 in 4 which shows that putting off buying cover until we are older can be counterproductive.

This data shows us the importance of putting cover in place as early in life as possible. Policies such as Serious Illness Cover pay out on diagnosis of even early stage cancers or less severe heart attacks.

Conditions such as these can sadly affect people of any age and cover is usually cheaper for younger people, so it makes sense to look at protecting yourself at the earliest opportunity.

If this is something that you would want to look into further , please feel free to get in touch.

Thanks as always for your attention.