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Should you take out a critical illness insurance? - New 2016
Insurance industry operators have been urging people to fortify their financial futures with products such as critical illness cover, income protect or unemployment cover but attitudes may be hampering their efforts.
A new Ipsos Mori study on behalf of Scottish Provident has revealed that nearly two-thirds (63 per cent) of people in the UK have a misguided notion that 'it' will never happen to them.
This is despite the fact that 66 per cent of people admit that they will be affected if they or someone in their household was to lose a job, with the percentage creeping to 88 per cent for people in their 30s and 40s.
Scottish Provident head of marketing Susan Barclay commented that "most people find it hard to accept that they may face redundancy or a critical illness one day as they just don't want to think about the worst happening".
"Despite some very high profile cases of critical illness in the media and news of mass redundancies nearly every day, people in Britain still think that 'it' will never happen to them," she explained.
Products such as critical illness cover, income protection insurance, accident, sickness and unemployment cover are recommended as the best way of providing a financial safety net.
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