Critical Illness Cover News - protected.co.uk

Vital annual health checks are being missed by two-thirds of people with diabetes in England and Wales with diabetes because of failings by the NHS, a charity warns.

Individuals with the health condition may want to research the terms of their life insurance policy after Diabetes UK claims that the NHS is carrying out poor recording and inadequate services.

Furthermore, people need to make sure that they receive comprehensive annual check-ups, while a deterioration in health could affect the conditions of life insurance cover.

Commenting on the findings, Douglas Smallwood, chief executive of Diabetes UK, states: "Diabetes is the leading cause of blindness in the UK's working age population, causes 100 amputations a week and accounts for one in ten people in UK hospitals."

As such, individuals may want to take out critical illness cover in case they develop a condition as a result of having diabetes that means they have to stop working.

Nationwide recently found that over 60 per cent of Britons do not think they could financially survive if they could not work because of injury or illness.

More than 60 per cent of people believe that they would not be able to financially survive should they be put out of work through injury or illness, although there is one type of life insurance policy that could support them during this time.

Research by Nationwide reveals that 21 per cent of people would turn to their friends and family in their hour of need, although critical illness cover could be the financial lifeline for individuals who have to quit their job.

Indeed, 18 per cent of respondents recognise the importance of protection insurance and claim they would rely on such cover when times got tough.

"The results are illuminating. It clearly shows that, should the unexpected happen, most people do not have any cover in place", states Nationwide's insurance director Robin Bailey.

Critical illness cover could ensure that should an individual leave work because of a terminal illness, their household can still receive a sum of cash to cover everyday costs.

But five per cent of consumers claim they would rein in their life insurance payments if they became financially stretched, reports Fairinvestment.co.uk.

Credit-crunching cost-cutting measures may include cutting back on life insurance in a bid to save some extra cash.

Such is the claim of Prudential, which reveals that it could cost Britons thousands of pounds in additional premiums if they cancel an existing policy but then replace it further down the line.

However, having protection in place could be important during the recession in case finances take an unexpected turn for the worst, the organisation urges.

"Protecting the financial well-being of the family is vitally important, particularly in times of economic uncertainty," states Kevin Carr, director of protection development at PruProtect.

Taking out a policy such as critical illness cover could ensure that if a wage-earner can no longer work, the blow to a household's income may be cushioned.

Furthermore, the Association of British Insurers warns that the cheapest life insurance policy may not necessarily be the best and individuals should check what they are covered for.

The recent announcement by the government of a free cancer drugs scheme will have a positive impact upon the survival rates of patients, a claim suggests, news which could affect the cover of a life insurance policy holder.

Individuals have previously struggled to cover the costs of all their medicines, says vice-chair of the Patients Association Michael Summers.

But cancer sufferers who may now enjoy this financial lifeline could find that their life insurance premiums get cheaper or that they can tailor a policy to suit their individual needs.

Commenting on the government's move, he says: "Currently [the scheme] is restricted to cancer [patients], we would certainly like to see it spread so that patients with long-term conditions would be entitled to the drugs that assist them free of charge."

Cancer patients may have previously taken out critical illness cover in order to give a financial boost to households which could suffer from a reduced income.

According to the Department of Health, patients who benefit from the scheme may pocket themselves an extra £100 in prescription charges a year.

The symptoms of multiple sclerosis (MS) can be reversed or controlled by stem cell transplants, a new study reveals, progress which could affect some people's life insurance policy choices.

Patients treated under the study found that there was no deterioration in their condition over the period of the research.

It is claimed that the review is the first of its kind to show that the symptoms of MS can be reversed and not just halted, although sufferers of the disease still may want to take out critical illness cover to boost their household's income should they be unable to work.

Speaking out about the findings, Dr Doug Brown, research manager at the MS Society, tells the BBC: "Stem cells are showing more and more potential in the treatment of MS and the challenge we now face is proving their effectiveness in trials involving large numbers of people."

And in further news, it has been announced that the National Institute for Health and Clinical Excellence and the makers of blood cancer drug lenalidomide are formed a deal to fund its use in the NHS in England and Wales.