Do you think that
Critical Illness Insurance is not
really necessary because you do not believe that you will ever
need it?
Although most people do not like to consider the possibility
that it will happen to them, the chances of developing a serious
illness are high enough to make it important to do so.
After all, 20% of men and 17% of women in the UK develop a
serious illness that prevents them from working, at some point
in their lives.
Although Critical illness Insurance cannot alter the odds of
becoming critically ill, it can help you to deal with the
financial consequences of developing a long term illness which
makes it impossible for you to work.
Around
12 million people in the UK are covered by Critical
Illness Insurance and providers have paid out over
£1.6billion in claims to people since it was first introduced.
If you have Critical Illness Insurance cover and you are
diagnosed with a serious illness you will receive a tax free
lump sum payment from your insurance company. This lump sum is
normally in the region of £250,000.
The money that you receive from your Critical Illness
Insurance policy can be used in any way that you like. For
example, you can use the money to pay for medical care, pay off
your mortgage or simply to cover daily living expenses that you
could not otherwise meet as a result of being out of work.
So given the usefulness of Critical Illness Insurance and the
likelihood of developing a serious illness at some time, why do
so many people opt not to take out Critical Illness Insurance
cover?
One of the main reasons for people not having Critical Illness
Insurance cover is a failure to understand the probability of
becoming seriously ill. However, given that the average age of
people making claims on their Critical Illness Insurance
policies is 47, and that around one in five adults in the UK
develop serious illness at some time, this reluctance to
acknowledge the facts is ultimately extremely dangerous.
Therefore,
Critical Illness Insurance is necessary for
two key reasons. First, it provides you with financial security
in the event of serious illness. And secondly it is necessary
because it gives you peace of mind that if the worst should
happen, you and your family will be taken care of.
About the author:
Useful Critical Illness Insurance information sites:
Critical Illness Insurance UK
Critical
Illness Cover UK
