New research has found that the cost of suffering from a critical illness is significantly impacting employees’ financial and emotional wellbeing
Research from Specialists4Protection, a life and protection advisory firm, reveals that over the past 10 years, 11% of adults have suffered from a critical illness that meant they had to stop work permanently or for a prolonged period of time, but had no insurance cover for this. Approximately 14% of men claim that this has happened to them, and 9% of women.
The report revealed that only 24% of people with children under the age of 18 and/or who are in a long term relationship currently have critical illness cover. Of those people who have suffered from a serious medical condition and had to stop work without insurance, 18% said the cost contributed to them losing their home.
Additionally, a further 14% said that their relationship with their partner broke down, one in ten said it had a negative impact on their children and 47% said that they suffered from depression.
Paul Litster, managing director, Specialists4Protection said: “The economic difficulties over the past few years has seen many companies cut back on their employee benefits packages, and in many cases this has seen critical illness cover no longer being offered.
“In addition to this, our research shows that 8% of IFAs have stopped selling critical illness cover over the past five years because they want to focus on the more profitable investment management side of their businesses.
“If you have dependants and significant monthly outgoings such as a mortgage, having critical illness cover can be essential for many people.”