Half (51%) of those who have been diagnosed with a critical illness, such as cancer, heart attack or stroke, have also faced a shortfall in their income, according to research from Royal London.
The survey of 3,004 UK adults, which was conducted for the insurer by Opinium, also found two-thirds (65%) of those who faced a financial burden, due either to their own or a loved one's critical illness, covered their outgoings using their existing day-to-day personal finances while three in 10 (31%) dipped into their savings. Royal London group head of protection strategy Debbie Kennedy (pictured) said: "Employees who are too ill to work are entitled to Statutory Sick Pay from their employer...
Zurich has launched a 'selfie' app called FaceQuote which estimates how much life cover someone might need.
The official supplement of this year's COVER Excellence Awards is available to read now as an eBook.
Child cover within critical illness plans has assumed a far greater importance in recent years, writes CIExpert's Alan Lakey.
Holloway Friendly has widened its new online underwriting process allowing protection advisers to write both full and short term income protection business in minutes.