When a small grouping of individuals were questioned in a recently available survey about how exactly important they thought it had been to possess critical illness insurance, an important proportion said they thought it had been unnecessary.
When pushed further they explained which 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 a lot of, serious illness will prevent them from working and earning the cash needed to guide themselves.
On top of this, people who become incapacitated by serious illness and are unable to work can also not have the ability to spend the money for medical care which they need.
Critical illness insurance provides an economic buffer for people who become seriously ill and unable to work. It will this by giving policy holders a tax free lump sum they can spend at their discretion.
In other words, 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 is not restriction how they can spend their money.
This not merely provides policy holders with the financial support which they need. 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 a good thing to have. Of course when it comes to choosing a critical illness insurance policy it is essential to shop around.
It can be important to get good, independent advice about what sort of policy would suit you best. Furthermore, when applying for critical illness insurance, do ensure that you provide all the required information. Failing to take action might actually signify you would not be properly covered.
Critical illness insurance is not at all something that a lot of people want to think about because they cannot want to consider the possibility of becoming seriously ill. However it may happen and creating an insurance policy means you would be ready for that worst case scenario.