When a small grouping of people were questioned in a current survey about how important they thought it had been to have critical illness insurance, a substantial proportion said they thought it had been unnecessary.
When pushed further they explained they thought it had been unlikely that they would become seriously ill and therefore they didn’t wish to waste money on premiums. Unfortunately this attitude isn’t 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 cash needed to aid themselves.
On top of this, those who become incapacitated by serious illness and are unable to work might also not be able to spend the money for medical care they need.
Critical illness insurance provides a financial buffer for folks who become seriously ill and struggling to work. It will 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 how they can spend their money.
This not only provides policy holders with the financial support they need. Critical illness insurance also gives them reassurance that they may still be able to take care of their dependents if they become too ill to work.
As the majority of critical illness insurance products cover common illnesses and given the statistical probability you will critically ill sooner or later, it is a great thing to have. Dread Disease Obviously when it comes to picking a critical illness insurance policy it is essential to look around.
It can also be important to get 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 necessary information. Failing to do this might actually imply that you would not be properly covered.
Critical illness insurance is not at all something that many people want to consider because they don’t wish to consider the chance of becoming seriously ill. However it may happen and establishing an insurance policy means you would be prepared for that worst case scenario.