The basics of Critical Illness Insurance
Insurance for critical illness usually provides you with a tax free, one-off lumps um payment if you are diagnosed with some kind of critical illness. The list of critical illness types will vary from insurer to insurer too.
Reasons to get Critical Illness Insurance
For many people, having critical illness cover is good protection for family and perhaps even children. Should you get diagnosed with a critical illness then it can help you meet the financial strain from not being able to work for example.
Suitable for a range of ages, if you are of working age in particular and you have bills to pay, then it may be worth looking at critical illness insurance as a back-up.
Many people don’t think too much about critical illness cover. After all, who wants to think of the worst? However, it is surprisingly more common than you would imagine and can be a devastating blow to any family.
Usually the reason not to get it is down to being healthy and perhaps on that basis making financial savings each month. However, it doesn’t take too much to change things like that.
People do unfortunately have things like heart attacks when they are young (in-fact a study by a leading insurer suggested that over the course of a year, many of their claimants for some kind of life insurance were in their 40s).
While this is sobering news, it needn’t be all gloom and doom if you can give yourself a back-up.