Every time a group of people were questioned in a current survey about how important they thought it was to have critical illness insurance plan, a significant proportion said they thought it was unnecessary.
When pushed additional they explained that they thought it was unlikely that they would become seriously ill and therefore they did not want to waste money on premiums. Unfortunately this attitude is not supported by the facts.
In the UK around one in five people become critically ill prior to reaching retirement age. This means that for many, severe illness will prevent them through working and earning the money necessary to support themselves.
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On top of this, people who turn out to be incapacitated by serious illness and are also unable to work may also not be capable to afford the medical care that they need.
Important illness insurance provides a financial buffer for people who become seriously ill plus unable to work. It does this by providing policy holders a tax free lump sum that they can spend at their discernment.
In other words, policy holders can spend their particular critical illness insurance money on medical care, everyday living expenses or even paying off their mortgage. There is not restriction about how they can spend their money.
This not only provides policy holders with the monetary support that they need. Critical disease insurance also gives them reassurance that they will still be able to take care of their own dependents if they become too ill to work.
As the majority of critical disease insurance products cover common health problems and given the statistical possibility that you will critically ill at some point, it is a good thing to have. Of course when it comes to selecting a critical illness insurance policy it is important to shop around .
It is also important to get good, independent advice about what type of policy would certainly suit you best. Furthermore, when applying for critical illness insurance, do make sure that you provide all the necessary information. Declining to do so might actually mean that you would not have to get properly covered.
Critical illness insurance is not something that most people want to consider because they do not want to consider the chance of becoming seriously ill. However it could happen and setting up an insurance policy means it would be easiest prepared for that worst case scenario.