When several people were questioned in a recently available survey about how exactly important they thought it was to own critical illness insurance, a substantial proportion said they thought it was unnecessary.
When pushed further they explained that they thought it was unlikely that they’d become seriously ill and therefore they didn’t wish to waste money 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 for all, serious illness will prevent them from working and earning the amount of money needed to support themselves.
Together with this, people who become incapacitated by serious illness and cannot work could also not be able to afford the medical care that they need.
Critical illness insurance provides a financial buffer for folks 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.
Put simply, policy holders can spend their critical illness insurance money on medical care, everyday living expenses as well as paying off their mortgage. There is not restriction on how they are able to 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 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 that you will critically ill sooner or later, it is a great thing to have. Zurich Dread Disease Of course when it comes to choosing a critical illness insurance plan 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 mandatory information. Failing to do so might actually signify you would not be properly covered.
Critical illness insurance is not a thing that many people want to take into account because they do not wish to consider the chance of becoming seriously ill. However it may happen and establishing an insurance plan means you would be prepared for that worst case scenario.