While advisers are well placed to help their clients negotiate the various options available on critical illness policies, both they and their clients take comfort in picking cover that is comprehensive and built to fit with trends in modern day medicine.
In this day and age, medicine is helping us survive illnesses such as cancer and stroke.
However, while medicine has made significant strides, the sad fact is that many people who survive such events could be faced with another diagnosis.
Support ongoing care
Statistics from the Stroke Association show that in 2015 there were over 1.2m stroke survivors in the UK and over a third of those survivors were dependent on others.
Such statistics remind us that additional care can be needed and which can lead to ongoing financial pressure if someone is still suffering the effects of a long term illness.
Therefore, the best kind of critical illness policy will include this kind of additional care in the equation, so that people can get on with life even after a period of ill health.
An insurer’s responsibility does not end with a claim.
Many people’s reasoning for taking out cover is not about them, it’s about their loved ones and providers should ensure products also help the whole family.
According to ONS data, the average age of mothers in 2017 increased to 30.5 years, from 30.4 years in 2016 and 26.4 years in 1975.
The increasing age of parents also increases the likelihood that someone will already have a critical illness policy in place before they have children.
The first few years of having a child are tough. It’s unlikely that you will remember to call your provider up and add your child to a critical illness policy.
Therefore, the addition of children’s cover to a policy should not be something you choose to bolt-on when you need it.
Instead, the product should naturally cover any new child. This means that if the worst happens and someone’s child falls ill they can feel safe that they have cover in a comprehensive product.
While choice in life is essential, when you’re dealing with something as serious as your clients’ financial well being, a comprehensive critical illness product is an important product to consider that will both protect and bring comfort to clients.