Now a days, a simple life insurance policy is not enough for many individuals due to the occurrence of critical illnesses arising within populations. You may not have a critical illness at present, but what happens if you develop one in the near future?
Many people are taking this problem very seriously, and this has been demonstrated with an increase in life insurance policies with critical illness cover by 31% between the years of 2001 and 2003.
Critical illness cover is simply covering an individual in the event of illness development. It allows for them to collect a tax free lump sum upon diagnosis of an illness. Many illnesses are covered by most insurance companies with varying terms and conditions. Such Critical illnesses covered include Alzheimer's disease, cancer and heart problems et cetera.
Who should have a critical illness policy?
That question has various answers, and many individuals will tackle it differently. Some may think because there is no history of critical illness within the family that they wont develop a critical illness, thus abandon a critical illness policy. The problem is, everyone is susceptible to a critical illness, although not everyone will develop one. In my opinion, everyone should have this type of cover, as once an illness develops, you will inevitably need money for medical costs, mortgage payments if your out of a job and general living costs.
This generally means that not only will you be able to provide for yourself, but your beneficiaries will also be looked after such as your family. Another great aspect of critical illness cover is that your children can also be named on the policy. Lets face facts, if your child develops an illness, you want the best treatment and care available. It also allows you to take time of work and still have good living expenses for everyday life.
Different types of critical illness policies are available such as basic and fully comprehensive. The basic plan will cover the main conditions whilst the fully comprehensive cover will meet many more demands such as permanent disability, loss of hearing and site et cetera.
The main point is that a lot of people are becoming critically ill with over 20% of all adults becoming terminally ill within the UK before even reaching retirement age.
A very dependant aspect of critical illness cover would be for many businesses. The reason for this is because it would offer financial aid if an important employee such as a manager or company director becomes ill and needs medical treatment. This is such an important aspect to the smooth running of a business, as a business could potentially collapse without the proper management, and despite this, only 10% of small businesses have this type of cover.
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