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 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.
Borrowers could be forced to wait weeks for an appointment with lenders’ mortgage advisers after the Mortgage Market Review as firms race to get qualified staff in place.
Last week, a Nationwide business development manager warned that customers could expect waiting times of up to a month to see one of their mortgage advisers.
He also said that face-to-face meetings could take between three and three-and-a-half hours from 26 April,when the rules come into place.
Nationwide has tried to play down the concerns, saying: “Over the last year, Nationwide has increased the number of mortgage consultants available in branch. Availability of mortgage
appointments is in line with demand and the society expects no material change
to this post-MMR.”
But experts believe all lenders will struggle with the new non-advised sales ban, where all sales must be advised where there is any form of “interactive dialogue” with a customer.
Moreover, the new rules require lenders to capture more detail from the borrower to ensure they can afford their loan.
As a result it may well be that some clients feel they are more suited to going to a mortgage intermediary (broker) if they feel they want to move forward a lot quicker than a direct lender can
offer them.
Association of Mortgage Intermediaries chief executive Robert Sinclair says: “I don’t anticipate any issues in the intermediary world in that we have already been taking in the kind of detail required under the MMR for some time. The big change is in the direct world, because of the requirement to take more detail than they have in the past. There will be delays – that may be in getting an appointment or how long those appointments take.”
