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Potential critical illness policy clients

This article is part of
Guide to Critical Illness

It is important that most people of working age and in employment consider critical illness, according to Chris McNab, critical illness product manager at LV.

However Mr McNab says the exact cover that someone needs will depend on their individual financial and personal circumstances.

There is typically an age limit of 70 years on critical illness cover, he points out.

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Therefore Mr McNab says these products are only suitable for people of working age.

He says: “It is easy to think a critical illness isn’t going to happen to us but should the worst happen a client can help make sure their family and loved ones are protected by easing their financial worries.

“As the nation’s life expectancy continues to grow it has been estimated that more than one in three people (33 per cent) will develop cancer at some point in their lifetime, but it isn’t all bad news.

“Over the past few decades cancer survival rates have improved significantly.”

Milestones such as starting a family and purchasing a property tend to be points at which people consider protection, according to Mr McNab.

However he says the best time for anyone to take out protection products such as critical illness cover are when they have youth on their side, as they are less likely to have suffered from any major medical event therefore making cover cheaper.

Some policies can be written for 16 and 17 year olds, according to Ben Heffer, insight analyst for life and protection at Defaqto, who says most policies also cover the children of the life insured subject to certain conditions.