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Why critical illness cover is so important

Date Added: August 23, 2012 12:48:24 AM
Category: Finance

Nobody likes to even contemplate the possibility that they or a member of their family could become critically ill. The simple fact is that over 20% of men and 25% of women will fall victim to a critical illness before they reach retirement age, and this scary statistic makes it important to not only consider this possibility, but also to prepare yourself for it actually happening.

By having critical illness cover you are protecting yourself should somebody in the family develop a critical illness by giving you some financial security due to the tax free lump sum you will receive, depending on meeting the criteria that is stated in your policy. For this reason alone, more people than ever are taking out critical illness cover to ensure that should the worst case scenario occur, they are financially prepared for it.

The critical illnesses that are covered by comprehensive policies are the kind that have far reaching affects and more often than not leave the sufferer severely impaired. Specialist care in these cases doesn't come cheap, so you critical illness cover will ease the financial burden that many families find themselves facing as a result of one of their members falling victim to a critical illness.

If you, or a member of your family who is covered by the policy should develop one of the critical illnesses covered by your insurance, you will receive the financial assistance needed to put towards any medical expenses and living costs that cannot be met by the sufferer, and the carer, being unable to earn a living.

By taking out critical illness cover you are effectively making sure that you can financially support yourself should it be you that is struck down, and not become a burden on your loved ones. It is often the families who suffer the most in these cases as they have to not only see their loved one struggling day by day with their critical illness, but also find themselves struggling financially.

As with all insurance policies, reading the small print is vital. The last thing you want is to develop a critical illness then find it isn't covered by your policy. If you are in any doubt over the different policies available a word with an independent insurance advisor will point you in the right direction. A fully comprehensive policy that covers all 23 illnesses deemed as critical by the Association of British Insurers, ABI, is recommended.

The payout you receive from your critical illness provider can be used however you see fit, there are no restrictions on how you spend it. This affords you the luxury of paying for medical treatment, or making up the income that has been lost due to not being able to work or even paying of a mortgage so you know that the roof over your heads it all bought and paid for.

It is also worthwhile considering expanding your critical illness cover to include children. This is something no parent wants to consider, but it does happen, and as at least one of the parents will have to give up work to care for the child, that lump sum could be worth its weight in gold.

To find out more about critical illnes cover visit where you can compare quotes online from all the UK's leading insurance providers.

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