Survey shows 4 in 5 young adults would buy critical illness cover
It’s been revealed in the last year that about 73% of young adults in the UK (12.7 million) don’t have critical illness cover. However, a recent survey by life insurance provider Beagle Street has found that 4 in 5 young adults would think about buying it, once the policy had been explained to them.
Critical illness cover is extremely useful in protecting you financially if diagnosed with a serious illness, but many people in the UK have no clue what it is or what it does. Over a third of the young adults surveyed by Beagle Street didn’t know what critical illness cover was and more than half had no idea what it was used for.
While critical illness cover may seem mysterious, the truth is that it can be a financial lifeline for many families in the UK. Critical illness cover can offer vital support with important bills and expenses if a member of the household was to be diagnosed with a serious medical condition. It can be tricky to understand what your best options for cover are though, which is why it can often be helpful to talk to an insurance expert for some guidance.
Note: You can find out more about how Beagle Street life insurance and critical illness cover works in our latest independent Beagle Street review.
60-Second Summary – Beagle Street Survey: 4 in 5 young adults would buy critical illness cover
A brand-new study by UK insurance provider Beagle Street has shown that 4 in 5 young adults (79%) would consider buying a critical illness insurance policy to protect themselves financially.
- Beagle Street’s survey reveals that many young adults lack awareness about critical illness cover, with 53% not understanding its purpose before it was explained to them.
- Top concerns for young adults buying critical illness cover include cost (63%), conditions covered (49%), and access to additional health support (40%).
- Critical illness cover provides financial support by paying a lump sum if the policyholder is diagnosed with a covered serious illness, helping with medical expenses and lifestyle changes.
- The easiest way to find out which insurers and policies may work best for you is to do some research and speak to a critical illness cover expert for free support and advice.
What is critical illness cover?
Critical illness cover (or critical illness insurance) is a policy designed to protect you if you were diagnosed with a serious or ‘critical’ illness. These policies provide financial support by paying out a cash lump sum, if you are diagnosed with a condition that is covered by your policy.
The aim of this type of policy is to help you and your loved ones to cope with any financial challenges that might occur due to your diagnosis. This includes costs related to medical treatment, recovery and any necessary changes to your lifestyle.
What does a critical illness policy cover?
All UK insurers will have slightly different definitions for which illnesses they will cover and pay out for. There are generally 36 main conditions (e.g. cancer, heart attack, stroke) that most insurance providers will pay out for, but what you are covered for will be based on your own policy.
It’s important to carefully review the terms and conditions of any critical illness policy before you buy, so you know exactly where you stand and what you can claim for.
Note: Many insurers will include a clause in their policies which states that you must survive for a minimum number of days following diagnosis to be able to claim. This isn’t normally a long period of time though (usually 14 days).
What were the main findings of Beagle Street’s customer survey?
New research from our insurance partner Beagle Street has revealed that 79% of young adults would buy critical illness insurance, once they understood what the policy does. This was based on a recently conducted survey of 2,000 UK residents aged 18 – 40.
The survey also showed that most people under 40 don’t understand what the benefits of critical illness cover are and 29% had never even heard of critical illness cover. 53% of people asked had no understanding of the purpose of critical illness insurance or why they may need it.
The top concerns most people had when buying critical illness cover were the price (63%), number of conditions covered (49%) and access to additional health support (40%).
Is it worth getting critical illness cover?
There are a few factors to consider before buying critical illness cover, and these can help you to work out if the policy feels worth it for you.
Some of the main things to think about are:
- The cost of the policy: Critical illness cover can be very affordable, but you should consider if the policy is something that you can afford long term. There are a few simple ways to cut down the cost and the easiest way is to get advice from a critical illness cover expert.
- Amount of cover (£s): How much cover do you realistically need to support yourself and your loved ones if you were seriously unwell? You should use your usual income and outgoings to work out a rough idea of how much cover you might need.
- Extra benefits: If extra rewards and benefits are important to you, you should check to see what a provider can offer you and if any other providers can offer more for a similar cost.
"This company went above & beyond to get me cover even though I have MS, I am very happy I managed to get cover, Amazing staff, Dean went above & beyond, I highly rate this company."
by Elizabeth Turner-Long - 9th August 2023
Should young adults buy critical illness cover?
While we often think that we are less likely to develop serious illnesses or conditions when we are young, it isn’t impossible. With illnesses like cancer for example, while the risk can be higher for older people thousands of people under age 40 are diagnosed each year.
If this happened to you, most critical illness cover policies will pay out for cancer (in fact it was once known as cancer insurance). Many policies will also pay out for other life changing conditions like multiple sclerosis, Parkinson’s disease and dementia.
Should I buy critical illness cover from Beagle Street?
Beagle Street critical illness cover is sold alongside their life insurance policies and is a helpful policy and is usually very fairly priced. However, with a policy like critical illness cover it is usually helpful to do some research and consider all your options before making any decisions. You should look at things like policy features. extra benefits, customer reviews and any industry awards or ratings.
Beagle Street is well rated in the insurance industry with a 5 Star Defaqto rating, which indicates a good level of product quality and extra benefits.
Beagle Street is also a popular choice with thousands of UK consumers who are looking for a budget option for their life insurance and critical illness cover. This can be seen in their reviews from independent review site Trustpilot, where they are currently rated 4.7 out of 5.0 stars (over 4,000 reviews).
Note: These Beagle Street ratings and reviews are accurate as of 22/01/2024 but may change over time. For the latest up to date scores and information, you should check the Trustpilot and Defaqto websites directly.
How do I compare critical illness cover quotes?
The simplest and fastest way to find the best critical illness cover quotes is by speaking to a critical illness insurance expert.
An expert will be able to search the whole market to find the best possible prices for the level of cover that you need. If you need free, no obligation quotes and advice, you can call our experts on 0800 009 6559 or CLICK HERE.
You can also get FREE instant online quotes from Beagle Street and other top UK insurers on our online quotes tool by CLICKING HERE.
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Here are more of our TOP critical illness cover guides to help answer your main questions about how critical illness cover works and if it is right for you.