Discover the Myriad Benefits of Critical Illness Insurance

The statistics for great health well into your older age are not looking too great. You are about four times more likely to suffer from a critical illness during your lifetime than you are to die before you hit 65 years of age. Startling, these statistics also show that more UK residents have life insurance than they have cover for critical illness. With the creation of critical illness insurance there is no excuse for you to suffer extremely high hospital and medical bills because of a serious disease.

Cancer is just one of the critical illnesses you might suffer. At least one family member suffers from a type of cancer when you look at the extended family tree. Often, more than one person will have a different type of cancer in the family. Women whose family has had breast cancer are more likely to see each female or every other female suffer from the same. If you add in heart attacks, strokes, obesity leading to health issues, tumours, and various other serious illnesses and diseases, then you can understand why it is imperative to have proper cover should you suddenly find yourself suffering from a critical illness.

Critical illness insurance pays out a lump sum of cash that is tax free. It pays out if you become ill, critically so. Policies will differ from company to company, each with their own set of illnesses to be covered.  Cancer and heart attacks are just two issues that are often covered by this insurance. Most insurance policies require that you suffer from the illness at least one month before it will start paying out; however, it can differ from company to company.

Who Should Take Out this Insurance?

If you wish to know if critical illness policies are right for you consider a couple of things:

• Do you have children?
• Do you have a mortgage?
• Do you have a lot of debt?
• Do you have any savings?

If you said yes to any of the first three questions and no to the last, you will definitely want to have cover for health concerns like critical diseases. First, you have a family that needs to be taken care of. Next, if you have a mortgage or any debt, you want to make certain your family is not burdened while you are dealing with your illness by incurring even more debt. Lastly, even with savings you can use it all getting the treatments you need.

It is actually suggested that everyone have critical illness insurance to ensure that you have proper cover in the event you are diagnosed with a serious illness that affects your ability to work and live a comfortable life.

What Your Insurance Policy Will Cover

This insurance is not a comprehensive policy in that it has certain conditions that will not be covered. You may not be able to receive the lump sum over the long term or at all if you find a policy that does not cover certain conditions. It is important to look at the terms and conditions and the specifics of what is covered before you start paying out for your policy. In general cancer, heart attacks, strokes, and tumours are covered. You may also find kidney and liver diseases are covered.

Useful Details for Critical Cover

One of the main reasons many UK residents have yet to take out a critical illness policy is the cost. Certainly, adding to your monthly costs is difficult when you are living pay cheque to pay cheque. It is even more difficult when you consider your life insurance policy payments which you want to have to protect your family in the event of death.

Unfortunately, the NHS is unable to help with certain treatments that private cover can give you. You also have to factor in that no matter where you go to get your treatments the costs are not all covered under the NHS or private insurance. Treatments for critical illnesses are very costly simply because of the technology and research going into them to cure these issues. Without proper critical illness insurance you could burden your family excessively. If your disease is without a cure, you definitely want those last moments to be in comfort.