SEATTLE: A new study has ‘conservatively’ estimated the number of over-50s living with a serious illness is at circa 60 per cent, exposing the need for products which provide cover for future care needs.
The study tracked different trends in serious illness over the last decade, with cardiovascular events such as heart attack or stroke showing a general downward trend since 2002, which may be due to greater awareness of risk factors that have led to lifestyle changes, as well advances in medicines and preventative care.
However, the overall number of people living with cancer has increased in the same timeframe, along with Alzheimer’s and other dementia.
Engage Mutual, which commissioned the study, said it showed a need for products such as its own only-50s life cover, which also includes serious illness cover. It has a 100 per cent claims payment record since it launched the option.
It means customers have the option to claim 20 per cent of their cover after having a policy for two years if they are diagnosed with a serious illness…