Protection  

Awareness month can help educate public on CIC

Two-thirds of female cancer claims relate to breast cancer, figures from LV= have shown, highlighting the need to get suitable protection.

Data from the life and insurance provider showed that cancer as a whole was the most common reason for a critical illness claim, accounting for nearly three-quarters of all claims for women and half of all claims for men.

Some 65 per cent of all LV=’s female cancer claims were for breast cancer, with an average claimant age of 45. In comparison, the second most commonly claimed-for conditions for women, heart attack and other heart-related conditions, accounted for only 8 per cent of all female claims.

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In 2013 breast cancer claims alone accounted for nearly 20 per cent of all the critical illness claims LV= paid out. The average payout for each claim came in at £81,438.

The statistics came out to coincide with October being designated Breast Cancer Awareness month by the Breast Cancer Care charity. Myles Rix, managing director of protection at LV=, said: “Cancer survival rates have improved significantly over the past few decades. However having a critical illness policy in place gives you peace of mind that, if the worst were to happen, you would not find yourself and your loved ones in a financially vulnerable position.”

Adviser view

Tom Conner, director of East Sussex-based Drewberry Insurance, said: “One would think that more publicity about cancer would make people think about their own mortality.

“It does provide a good opportunity for a life office to piggyback a cancer awareness campaign to encourage people to take that logical step of thinking about the financial impact of cancer, and educate people about the products available to cover that risk, such as critical illness cover and income protection.”