Private medical insurance (PMI) is the top health & protection product consumers in Western Europe would consider buying followed by critical illness (CI) cover, a survey has found.
The impact of having a critical illness condition on personal finances is a concern for 71% of people the survey by ACE Group in Western Europe has found.
The survey also found that 45% would consider cost-effective CI to protect their income, standard of living and to pay for additional treatment and support.
While demand for CI cover was high, 53% of those surveyed had no or very limited knowledge of it, the survey of 2,500 people in France, Germany, Italy, Spain and the UK found.
Health insurance products being too complex was a problem for less than half (43%) of those surveyed while 67% said full PMI was too expensive.
The survey has been published in ACE's report, Changing consumer perceptions of personal financial protection.
Matt Foster, head of product marketing, accident & health for ACE in Europe, Eurasia & Africa, said: "A clear message emerges from this research.
"With state support under pressure, consumers across Europe want cost-effective protection that will plug the gaps in both public and private healthcare and provide extra financial support at a time when they may be unable to work, such as following the diagnosis of a serious illness."
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