Critical Illness and Life Insurance
When we think about the future, we like to think about the happy times ahead but sadly, many lives are thrown into turmoil by acritical illness. It’s not a nice thing to think about but it issomething that we perhaps should think about – how would we and ourfamilies cope in the event of a life changing illness?
This is where critical illness insurance comes in. Although thinkingabout a serious illness is something that in reality is quite scary,having critical illness insurance can really take the pressure offin a financial sense. With the right cover, you wouldn’t have toworry about supporting your family or leaving your job, because youwould be awarded a tax free sum of money to help support you throughsuch a difficult time.
Critical illness insurance can be a bit of a minefield. Mostinsurance companies will only cover you for a set number ofillnesses, spread out over a few core categories and they are very,very strict about what meets their criteria.
Ideally, you want to be covered for as many critical illnesses aspossible, because if the worst does happen, you don’t want to missout because of a technicality. It is important to ensure that youhave the right cover, so it is well worth shopping around to get thebest coverage possible.
Most insurance companies will cover around seven core illnesses,including heart attacks, cancer, coronary bypass, kidney failure,major organ transplant, strokes and multiple sclerosis but there areoften restrictions on these. For example, many less invasive cancerssuch as skin cancer and less advanced cases of prostate cancer willnot be covered by your policy. Always check the small print andconsider all the options out there.
A lot of people might not know the difference between critical illness and life insurance but it is important to distinguish between them to make sure you have all aspects covered. Both however can provide that elusive peace of mind, leaving you with less to worry about in your day to day life.