Do You Need Critical Illness Cover?
Thursday, February 14, 2013, 2:00 AM | 1 Comment
Insurance is an undeniably strange part of our lives. We protect our homes in case we are burgled, our cars in case we have an accident and our holidays in case they are cancelled.
Preparing for the worst-case scenario isn’t something that most of us relish, but it is one of the most important aspects of our financial lives, cushioning us in the event of an emergency and giving us a little financial respite in difficult times.
In general, insurance is designed to be there for us in an emergency. Being diagnosed with a critical illness is one such instance. Learning that you have a serious illness is devastating, but there are other repercussions than the obvious medical ones.
Modern medicine is fantastic and in many cases you can overcome a critical illness, but you may not be able to work while you are undergoing treatment or for a while afterwards and in some cases, not at all. Therefore it can be a good idea to consider critical-illness cover if you are worried that if you can`t work you wouldn’t have a source of income.
The types of illness covered by a critical-illness policy vary but are generally serious conditions such as cancer, multiple sclerosis or a heart attack. It will pay you a lump sum in the event of a diagnosis and it is up to you how to allocate the money.
You might need support for medical bills or to cover everyday expenses such as a mortgage or bills. Think carefully about how much money you need to cover your monthly expenses. You might be entitled to sick pay from work or other benefits, so check first whether these would cover your outgoings or if you would need some more support.
If you do feel that you would benefit from a lump-sum payment, then do some calculations to see how much you will need. Obviously, lower premiums will result in a smaller payout and if you are looking for a larger lump sum then you can expect to pay higher premiums.
You may already have critical-illness cover in a life-insurance or income-protection policy, so double-check any insurance policies you already have.
If you have any existing medical conditions then you will need to declare them before you take out a policy, so it is important that you find cover which includes these conditions. Have a look at your family`s medical history too, as this will probably be taken into account before you are offered a policy.
As with all types of insurance, there is a range of policies available designed to suit different needs and circumstances and it is important that you find one which suits you and your family, that you can afford and that offers the right payout should the time ever come.
It is a good idea to shop around a little or perhaps take independent financial advice to find the most suitable policy. If you want to learn more about critical-illness cover you can read more here.
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One Response to “Do You Need Critical Illness Cover?”
By customresearchpaper.net on Feb 14, 2013, 6:43 am | Reply
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