Fewer than 1 in 10 have critical illness insurance despite the immense need
Scottish Widows said it was “astonishing” fewer than one in 10 of the UK population have critical illness insurance, as it announced bowel cancer accounted for 12 per cent of all cancer-related critical illness claims it dealt with in 2014.
The company paid out more than £6.5m in critical illness claims relating to bowel cancer, and said the average age of diagnosis among males in 2014 was 50. For females the average age was 52.
Coinciding with April’s Bowel Cancer Awareness Month, Scottish Widows published the figures to emphasise the value and importance of financial protection.
Bowel cancer is the fourth most common cancer in the UK, with around 110 cases diagnosed every day. One in 14 men and one in 19 women will be diagnosed with this type of cancer during their lifetime.
David Hollingworth, associate director at London & Country, said “It’s more expensive than term assurance but that’s because we’re sadly more likely to be more affected by these critical illnesses. It can be invaluable cover to help deal with difficult and stressful situations,” he said.