Critical Illness Insurance
As unpleasant as it may seem, it has to be recognised that one day you could be diagnosed with a critical illness.
Being naive and thinking that having a critical illness is just something that happens to other people is not sensible.
Often it takes a close shave or for someone you know to be diagnosed before you realise it really can happen to you.
Taking out adequate Critical Illness Insurance sooner rather than later is well worth considering
It can at least help to ease the pain when it comes to financial matters in the event of being too ill to work for a time - how would you pay bills and clear debts for example without some support through such as Critical illness insurance?
It is said that in the UK Men have a 1 in 5, and women a 1 in 6 chance of being diagnosed with a long term critical illness that prevents them from continuing to work - sadly odds that are far greater than those of winning theNational Lottery.
Not being able to continue working can cause immense financial disruption and difficulties.
It's not only bills to pay but what if you need to have alterations made to your house or hire someone in to help you?
If you have adequate cover and you are diagnosed with a critical illness, such as cancer or stroke or having a heart attack, then you will receive a tax free lump some or an income.
This can be used as you need, for example to pay off your loans or mortgage, buy special equipment to help you as you recover or simply cover your regular day to day outgoings.
One reason why many don't have Critical Illness Insurance is because of the cost.
There are though many providers who offer a variety of competitive plans, designed to suit every budget.
As with any insurance it is important to ensure you get the cover that meets your needs.
As you get a critical illness insurance quote, make sure you provide all the information required and are as accurate as possible.
Not doing this may mean you don't get the cover you need or potentially that if you make a claim it will be rejected by the company.
There is a list of illnesses covered as issued by the ABI, the Association of British Insurers. It's worth checking this and also the Key Features document issued by providers.
When buying critical illness insurance it is wise to compare the policies offered by different providers, understanding what is offered and for what price.
Critically make sure you get the right level of cover to meet your needs - and consider doing this sooner rather later!
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