Critical Illness Insurance
As unpleasant as it may same one must not ignore the truth and facing up to the reality that you could be diagnosed with a life threatening illness is just a part of life.
Being naive and thinking that it is just something that happens to other people is far from the sensible way to be, often it may take a close shave or for someone you know to get diagnosed with a critical illness before you to realise that it can in fact happen to you. That's why taking out adequate Critical Illness Insurance well in advance is more than advisable and can help at least ease the pain when it comes to financial matters in the even of an impromptu life threatening convalescence.
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 work, sadly those odds are far greater than those of winning the lottery. Not being able to continue working can cause immense financial disruption and difficulties so having protection against this in the form of an adequate policy is vital.
If you have adequate Critical Illness Insurance and you are unfortunate enough to be diagnosed with a long term illness then you will receive a tax free lump some to help pay medical bills and cover your regular day to day outgoings.
One reason why many of us don't have Critical Illness Insurance is probably because of the cost. it is more expensive than Life Insurance but that is because the cover is for a far greater risk. Statistically you are far more likely to be diagnosed with a life threatening illness before the age of retirement than you are to die. The average age of a Critical Illness Claim is at 47.
Another reason that people don't take out this kind of cover is through lack of understanding, through peoples own ignorance they choose not to acknowledge the facts and subsequently remain uneducated and do not understand the risks associated with critical illnesses. This is understandable and common amongst the general public because after all the subject is somewhat grim and people do not often choose to talk about leukaemia, Brain Tumours, Alzheimers disease or any other of the many illnesses that are normally covered by Critical Illness Insurance
Some people choose to steer clear of this kind of insurance because of the bad press it has relieved over the years. Their have been numerous harrowing stories in the papers where by insurance companies have turn down claims for Critical Illness Insurance on technicalities. This kind of bad press has left this kind of insurance with a some what tainted reputation. However these if examined these claims are most likely to be void from the outset and the insurance companies involved are not to be accused of devious behaviour.
Critical Illness Insurance policies often have clauses and if the policy holder ignored, misread or has withheld information this could lead to the claims being thrown out by the company altogether. Firstly there is a list of Critical Illnesses that warrant a payout listed on the policy documents, if your ailment does not fall under these categories then your claim will not be valid. Secondly if you withheld critical information unintentionally or other wise such as details of previous illnesses or afflictions of your parents or long histories of hereditary illnesses associated with your ancestry your claim would also be declared void. When taking out this kind of cover you should always ensure you give the insurance company the full picture, tell them everything they want to know. For example if your father had a heart attack at 50 you should not withhold this information from your potential insurer as it is likely to affect your premium or make your cover subject to a prior medical examination. Never give fraudulently disclose or withhold information in order to gain cover on false grounds.
When shopping for this kind of cover it is wise to seek out companies that have the most extensive cover for illnesses. It is advisable to seek sound advice before taking out a policy as cover can vary dramatically from company to company. A trained eye would easily be able to seek out a fitting policy for you and avoid any potential discrepancies or technicality that could render your claim invalid.
Hopefully you are one of the luckier majority that never has to claim on their Critical Illness Insurance and that you have the chance to enjoy life to the full.
