When several individuals were questioned in a current survey about how exactly important they thought it had been to possess critical illness insurance, a substantial proportion said they thought it had been unnecessary.
When pushed further they explained which they thought it had been unlikely that they would become seriously ill and therefore they did not 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. Dread Disease Which means for all, serious illness will prevent them from working and earning the amount of money needed to support themselves.
Together with this, individuals who become incapacitated by serious illness and cannot work may also not manage to pay the medical care which they need.
Critical illness insurance provides an economic buffer for those who become seriously ill and struggling to work. It will this giving policy holders a tax free lump sum that they can spend at their discretion.
Quite simply, 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 how they could spend their money.
This not only provides policy holders with the financial support which they need. Critical illness insurance also gives them satisfaction that they can still manage to look after their dependents if they become too ill to work.
As many critical illness insurance products cover common illnesses and given the statistical probability you will critically ill sooner or later, it is a good thing to have. Obviously when it comes to choosing a critical illness insurance policy it is very important to look around.
It can be 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 mandatory information. Failing to take action might actually mean that you would not be properly covered.
Critical illness insurance is not a thing that a lot of people want to take into account because they don’t wish to consider the chance of becoming seriously ill. However it may happen and setting up an insurance policy means you would be prepared for that worst case scenario.