Youth is wasted on the young - but insurance is not, says new research from moneysupermarket.com that shows the average age to buy critical illness cover is 33.
The research highlights it is not just the elderly who are concerned about falling victim to a devastating illness. Critical illness insurance is essential if you want cover against conditions, including cancer, stroke, heart attack and multiple sclerosis (MS).
The majority of those who contract MS are aged 20 to 40, almost half of all cases of testicular cancer occur under the age of 35, and the peak incidence of new cases of cervical cancer are in the 25 to 29 age group.
Emma Walker, head of protection at price comparison website moneysupermarket.com, says “It is encouraging that young people are opting to secure themselves against critical illnesses by taking measures to cover themselves should the worst happen. At 33, people might be undergoing life changes such as getting married, buying a new home or starting a family and, as a result, they have new financial responsibilities.”
Critical illness insurance pays out a lump sum if you have one of a number of illnesses and can help in the following circumstances:
- Being able to repay your mortgage and any other debts
- Paying for private medical treatment or professional nursing care
- Paying for a holiday for recuperation
- Home improvements/adaptations to the home
- Maintaining lifestyle should the breadwinner be unable to continue working
- Replacing the value added to the family home should a homemaker suffer a critical illness, such as the cost of childcare, cleaning, chauffeuring and cooking.
It does not have to be expensive. For less than the cost of a daily coffee you can easily get basic cover.