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Families urged to consider critical illness cover - News 2009
Consumer attitudes towards critical illness cover need to be reassessed, according to the Telegraph, which has recommended considering this and other types of protection on top of life insurance.
It is important for consumers to think of how their families will cope financially if the main breadwinner was unable to work for long periods and critical illness insurance is one of the products that needs to be considered.
Life insurance is vital and, while it offers some peace of mind because dependants will have a financial safety net, people are more likely to get critically ill than to die before repaying their mortgage.
The newspaper quoted recent research by Bupa, which found that the chances of a 35-year-old man claiming under a combined life & critical illness policy was higher than under a life-only policy over a 25-year period.
Matt Morris of protection adviser Lifesearch told the publication that "the perfect time to buy critical illness cover is when you are young and healthy because it will be much cheaper".
Heart attacks, strokes and certain types of cancer are among the serious conditions covered by critical illness insurance policies.
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