Don\’t Put Off Critical Illness Insurance
Unfortunately, when we are young and generally healthy, it is hard for most of us to focus on planning for a time when that may not be the case and fail to make a provision for critical illness insurance in our regular expenses.
Although we are happy to sit with our cup of coffee and a pastry costing each day and somehow rationalize that it is a necessity, but not spend the few dollars a week it would cost for critical illness insurance to protect our finances and our loved ones health, should we ever need to.
Studies have shown there is a strong possibility that at some stage in your life you will suffer from a critical illness so most of the critical illness insurance providers now cater for these conditions. Speaking of statistics, recently they have revealed that at least twenty percent of men will suffer from a critical illness before they retire. For women, this figure is slightly lower with only one in six being affected by a critical illness before retirement.
Experts are of the opinion that the main reason for people failing to start a critical illness insurance policy is an ignorance of the chances of being affected by it. Although critical illness insurance is taken out for many reasons, the majority of people use it to protect their mortgage repayments. To enable continued payment of a mortgage, most mortgages can be set up to include protection policies that include critical illness insurance in addition to life cover.
Increasingly, the internet is being used to buy insurances online and this is now extending to critical illness insurance. As more companies have decided to use this new facility, there have been a few problems with setting up this type of policy. From a critical illness insurance providers point of view, this is quite understandable as there often needs to be a medical examination carried out on the policy applicant prior to the plan being accepted. This is also benefits the claimant as the last thing they want is to claim in on their critical illness insurance to have problems with the company over any potential settlement.
Smokers, unfortunately, are treated as higher risk critical illness insurance applicants, including anyone who has smoked within the previous year and as a consequence are placed in a high risk category. This is understandable as statistics show you are at a greater risk of smoking related conditions and so your insurance premium must increase in line with this potential risk. Having said this, the insurance company will also consider your age, type of work you do, general health, and pastimes before it issues the critical illness insurance. Critical illness insurance will protect you if your condition is terminal or critical, you need certain surgery or if you become unemployed owing to the condition. The peace of mind that critical illness insurance and disability insurance can provide at such a time is priceless.
Simple every day facts, tips and talk about Critical Illness Insurance and other important insurance answers.
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