Why would I want Critical Illness Insurance?

If you are single and with no dependents the occurrence of a critical, or indeed a long term, illness can have a devastating effect on your life and on your finances. A mortgage company may still require payments of interest even in times of difficulty. Many employees may benefit from sick pay for a limited time but survival of a critical illness can lead to reduced capacity to work and therefore lower income in the future.

Even families with dual income can suffer from the effects of losing income due to provision of care costs, at a time when you least need the complications of financial stress.

A lump sum payment made on the diagnosis of a specified critical illness can ease the financial burden immediately, providing choice and flexibility in your moment of need. Apart from paying off your mortgage, some policies even provide for accelerated payment to assist with choice of hospital/care options. You may not need to return to work or the lessened financial burden may allow you to work less hours.

Please find below statistics showing the incidence of certain illnesses. The information detailed below is available for detailed analysis at www.statistics.gov.uk

1 in 3 develop cancer during their lives

Incidence
The four most common cancers - breast, lung, colorectal and prostate - accounted for over half of the 225,000 new cases of malignant cancer (excluding non-melanoma skin cancer) registered in England in 2001. Around 113,000 of the total were in males and 112,000 in females. Between 1971 and 2001, the age-standardised incidence of cancer increased by around 20 per cent in males and 39 per cent in females.

Mortality
One in four people die from cancer.The four most common cancers accounted for just under half of the 128,000 deaths from cancer (excluding non-melanoma skin cancer) in England in 2002. Around 66,000 of the total were in males and 61,000 in females. Cancer accounted for 28 per cent of all deaths in males and 23 per cent in females.

Survival
For the majority of cancers, a higher proportion of women than men survived for at least five years after diagnosis. Among adults, the younger the age at diagnosis, the higher the survival for almost every cancer. Survival improved for most cancers in both sexes during the 1990s.

Published on 29 July 2004. Report from www.statistics.gov.uk.

Statistics from the Chest Heart Stroke Association (1998) reveal that every two minutes a heart attack strikes someone somewhere in the UK. Yet despite these statistics, a surprising 93% of the working population don't have any form of serious illness protection. (Source: Swiss Re: Healthwatch 1998)

Sadly, however, statistics paint a worrying picture with thousands of people falling critically ill each year. In fact 1 in 3 men aged 30 will have a stroke, cancer or heart attack before the age of 65, and the same fate will happen to 1 in 5 women of the same age. (Source: ERC Frankona 1998)

Breast cancer is the most common cancer in England and Wales. In 2000 there were almost 36,000 new cases diagnosed. (Source: Office for National Statistics)

Of those women who are diagnosed with breast cancer, 62% survive five years or more. (Source:Imperial Cancer Research Fund, Five year survival figures for England and Wales, patients diagnosed in 1981)