As the old phrase goes, ‘there are three kinds of lies: lies, damn lies and statistics’. Statistics can be used to prove just about anything, particularly when you start talking about the insurance industry.
However, there are some powerful stats which can underline the important of getting the right protection for you and your family. Keep reading to learn more about the importance of life and critical illness insurance through some of these thought-provoking statistics.
The protection industry in numbers
3 – The insurance industry in the UK is the third largest in the world and the largest in Europe
19 – You may think critical illness claims are made by older people. Based on data from the Finance and Technology Research Centre, the age of the youngest adult critical illness claim in the UK last year was just 19
20 – The percentage chance of being off work sick for more than three months, according to insurer LV
20 – The percentage of Brits who have no idea how they would cover their household bills if they or their partner were unable to work due to incapacity, serious illness, an accident or death, according to Scottish Widows
40 – The percentage of protection applications that never go into force or have been cancelled or lapsed after the first year, according to Swiss Re
50 – The percentage of mortgage holders in the UK that have no life cover, according to Scottish Widows
65 – The average number of critical illness claims paid that relate to cancer. A further 15 per cent are for heart attacks, 7 per cent for strokes and 6 per cent for MS
65 – The percentage of worldwide deaths attributed to lifestyle factors such as nutrition, exercise, smoking and alcohol, according to the Oxford Health Alliance
66 – The percentage of people who do not have any financial support in place to support the cost of looking after a sick child if they could no longer work, according to Ageas
£87.55 – The maximum weekly Statutory Sick Pay amount you may be eligible for
100 – According to Skandia, out of more than 800,000 babies born in the UK in 2013, over a third of them are expected to live to the age of 100
200 – There are more than 200 different types of cancer, each with different causes, symptoms and treatments
570 – The number of children who smoke for the first time every day, according to Government figures
320,000 – The number of people that the insurance industry employs in the UK
£1.2 million – The amount that insurers pay out every day in claims for cats and dogs
2.89 million – The number of people on the NHS waiting list as at April 2014, the highest it has been since 2008
£8.4 million – The amount that UK insurers pay out in health and protection claims every day
29 million – The estimated number of protection, term and whole life policies in force in 2012
£10.4 billion – The amount that Association of British Insurer member companies contributed in taxes, equivalent to 1.9 per cent of total Government tax receipts
£164.7 billion – According to the Association of British Insurers in 2012 a total of £164.7 billion was paid in premiums for long term insurance products and £196.2 billion was paid in claims and benefits
Are you one of the 50% of people who have a mortgage but no life insurance? Or, could you survive on £87.55 per week if you were off sick for a long period? If not, or you’re worried by some of these other facts, now is the time to get covered.