Protection insurer The Exeter has published An Unhealthy Situation – a report into the scale of underinsurance amongst people with health conditions that often increase their need for adequate financial protection.
The report highlights a growing problems where many of those who have perhaps the greatest need for protection, are the least likely to have adequate, or in some cases any, cover in place.
The Exeter surveyed 2,000 people across the UK and found that among cancer suffers, two thirds didn’t have a single protection product. The situation was similar for sufferers of type 2 diabetes, those with high BMI or heart conditions.
Steve Bryan, director of distribution & marketing at The Exeter, said: “With an ageing population and the diagnosis of conditions like diabetes and cancer on the rise, it is worrying to see this research lay bare the scale of what we know is a growing problem.
“One in two of us will get cancer in our lifetime, whilst there are currently seven million people in the UK suffering from a heart disease, two conditions which are likely to make protection much more difficult for people to access. Our research indicates that over 65% of people who suffer either condition, have no protection in place at all.”
The report was issued on the same day as the Exeter announced the full market launch of Real Life, a specialist, focused life cover product for clients with complex medical histories and disclosures.
Originally launched through selected networks and intermediaries in late 2017, The Exeter has improved the quote and apply process for the plan.
Bryan added: “Making protection insurance accessible to all is an important debate that is happening right now in our industry. We’re proud that with Real Life, we have again proved our commitment to bringing quality affordable life cover to an audience that perhaps needs it the most.”