Critical illness insurance is very different from other types of insurance because it is designed in such a way that you are covered when you get diagnosed with one of the illnesses stated in your policy.
You get paid money when you get ill instead of when you die, which allows you to live a comfortable life without having to worry about cash and where to get it. This type of cover is especially important for people who are worried about their health and who want to be able to be paid out a lump sum of cash when they do get ill.
Critical illness insurance is designed to replace your income when you do fall ill and is there to help you pay for your daily living costs. There are a number of illnesses that fall under the category of “critical illness”. HIV, coma, deafness, liver/kidney failure, Alzheimer’s, heart disease and stokes are considered to be critical illnesses and are covered under this type of policy. There are other illnesses that also fall under this category, but you should consult with your insurer to find out which other types of illnesses are covered.
Critical illness cover would benefit individuals who are professionals, who rely on their income and who would find themselves in a rather tight financial spot if they did get ill and could no longer work. For a small monthly fee, you can get cover that will provide you with cash and peace of mind if you do fall ill. There is nothing worse than getting sick and still having to worry about money on top of the illness.
Critical illness insurance terms and conditions may differ from provider to provider. Level term insurance will pay you out a lump sum provided that the illness occurs within the terms of the agreement. It is essential that you compare the different policies and their terms and conditions before you make a decision. You need to find the cover that best suits your individual needs.
Critical illness statistics are increasing at an alarming rate and it is important that you know what products are available for you. You may think that it will never happen to you, but with one in three people being affected by cancer at some point in their lives, you may want to consider that it could in fact happen to you and you will want to be covered if it does. More than 120 women are diagnosed with breast cancer everyday in the UK – shocking, but true and it could be you that gets the bad news next.
It is not something that you want to happen to you, but it can and you really do need to be prepared for the worst. Critical illness insurance can save you tons of worries at a time when you need it most. Take action today and secure your future