When several people were questioned in a recent survey about how important they thought it absolutely was to own critical illness insurance, an important proportion said they thought it absolutely was unnecessary.
When pushed further they explained that they thought it absolutely was 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. Which means that for most, serious illness will prevent them from working and earning the amount of money needed to guide themselves.
Together with this, people who become incapacitated by serious illness and are unable to work may also not have the ability to afford the medical care that they need.
Critical illness insurance provides a financial buffer for folks who become seriously ill and struggling to work. It does this giving policy holders a tax free lump sum they can spend at their discretion.
Quite simply, policy holders can spend their critical illness insurance money on medical care, everyday living expenses as well as paying off their mortgage. Dread Disease There’s not restriction how they can spend their money.
This not merely provides policy holders with the financial support that they need. Critical illness insurance also gives them reassurance that they can still have the ability to look after their dependents should 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 a good thing to have. Obviously when it comes to choosing a critical illness insurance coverage it is important to shop around.
It is also important to obtain good, independent advice about which kind of policy would suit you best. Furthermore, when applying for critical illness insurance, do make sure that you provide all the required information. Failing to do this might actually show that you’d not be properly covered.
Critical illness insurance is not something that many people want to consider because they cannot want to consider the likelihood of becoming seriously ill. However it might happen and setting up an insurance coverage means you’d be equipped for that worst case scenario.