The Mortgage Advice Bureau consumer poll found that 52.5% of homeowners aged 18 to 40 surveyed do not currently have CIC in place.
The poll also revealed that over a third (36.95%) thought that cover was too expensive and almost one in three (30.6%) didn’t think they needed it.
Brian Murphy, Head of Lending at Mortgage Advice Bureau, commented: “As a society we don’t like to plan for the worst, and there’s a tendency for younger homeowners to stick their heads in the sand and hope for the best. Yet having a critical illness policy in place can take away the worry of how you would cope financially, giving you peace of mind should the worst happen. There’s also a preconception that cover can be costly, but in reality £75,000 of Critical Illness Cover for a non-smoker born in 1991 working in an office environment, would be just £12.15 per month.
It’s important for those who are getting on or moving up the property ladder to understand what financial protection is available to them, and also to build it into their monthly household budgets.”
