Poor publicity ‘causing illness-related debt issues’
A lack of positive publicity regarding critical illness insurance policies may be causing debt issues for consumers, it has been claimed.
The insurance cover guarantees that regular payments such as mortgages and utility bills will continue to be met if an individual is too sick to work.
However, financial researcher Defaqto has suggested that poor consumer image of the products could be leaving individuals vulnerable to debt issues if they are taken ill.
Principal consultant for protection Nick Telfer warns: “I am concerned that neither the product development needed nor the education necessary to rebuild trust in the product is happening nearly quickly enough.
“This will inevitably lead to people being potentially left wide open to the consequences of serious illness.”
Data from the Office of National Statistics reveals that about one in six Britons report having a long-term medical condition which affects their ability to work.
However, for those who have been taken ill without critical illness cover, there are methods of debt recovery available.
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