CI Expert’s Mr Lakey also pointed out that the amount of cover being taken out has an impact on the value of partial payments:

“The real value of these reduces once the sum assured rises above £100,000. A maximum payment of £25,000 is 25 per cent of £100,000 but only 5 per cent of £500,000. This highlights why buying multiple policies has many attractions.”

Kevin Carr is the chief executive of Protection Review