When several people were questioned in a recent survey about how important they thought it had been to have critical illness insurance, a significant proportion said they thought it had been unnecessary.
When pushed further they explained they thought it had been unlikely that they’d become seriously ill and therefore they did not want to throw away cash on premiums. Unfortunately this attitude is not supported by the facts.
In the UK around one in five people become critically ill before reaching retirement age. This means that for all, serious illness will prevent them from working and earning the money needed to support themselves.
Along with this, people who become incapacitated by serious illness and are unable to work could also not have the ability to afford the medical care they need.
Critical illness insurance provides an economic buffer for those who become seriously ill and unable to work. It does this by giving policy holders a tax free lump sum that they may spend at their discretion.
In other words, policy holders can spend their critical illness insurance money on medical care, everyday living expenses or even paying off their mortgage. There’s not restriction on what they are able to spend their money.
This not merely provides policy holders with the financial support they need. Dread Disease Critical illness insurance also gives them satisfaction that they may still have the ability to take care of their dependents if they become too ill to work.
As nearly all critical illness insurance products cover common illnesses and given the statistical probability you will critically ill at some point, it is an excellent thing to have. Of course as it pertains to selecting a critical illness insurance policy it is very important to search around.
It can be important to get good, independent advice about what type of policy would suit you best. Furthermore, when applying for critical illness insurance, do make certain that you provide all the required information. Failing to do this might actually signify you’d not be properly covered.
Critical illness insurance is not something that a lot of people want to take into account because they do not want to consider the chance of becoming seriously ill. However it could happen and establishing an insurance policy means you’d be prepared for that worst case scenario.