Income Protection is not required if you have a Critical Illness policy!25 Nov 2016
You might have heard it said that Income Protection is not required if you have a Critical Illness policy.
This is not true.
Critical illness protection is a like playing the lottery! as your illness must match the Insurer’s criteria. Often your illness is not critical, just inconvenient and keeping you off work. Therefore, you’re unlikely to be covered under a Critical illness policy.
This is where Income protection is invaluable as it doesn’t care about the specifics of your illness or condition as long as the Insurer receives information and evidence from you, your GP and other medical professionals regarding your inability to continue to work.
In fact, you are more likely to claim on Income Protection than you are Critical Illness.
This is evidenced by the Exeter who, in 2015, paid out just 9% of their claims for cancer, heart attacks/surgery or strokes – 4 of the top 5 critical illness claims. Whereas, nearly 60% of their claims were due to accidents, injuries, back and musculoskeletal problems, showing just how vulnerable good health is.
So, whether you have Critical Illness protection or not, Income Protection is, according to Which? Money 2013, the one protection policy every working adult should consider.
If you are still not convinced look deeper into our Income Protection and Critical Illness webpages here or give us a call on 01702 719625.
We are here to safeguard your future whilst you live for today.
Source: The Exeter