Critical Illness Cover News - protected.co.uk

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.