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How important is critical illness coverage?

by: RobFisher
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Word Count: 552

Critical illness insurance has become one of the most rapidly growing forms of insurance available today. According to tiscali.money, critical illness insurance may have over 1 million of policies sold in the UK in the year 2002. This type of insurance was developed as medical improvements enabled people to survive a critical illness that could not have been treated long ago.

Most people gamble with the fact that they may not fall prey to a critical illness. This fact stays as a bitter truth which reveals that someone is more probable to fall critically ill than to die before the age of 65. However statistics do confirm this fact. 1 out of 17 women may suffer from a heart attack before reaching the age of 65. Similarly, 1 out of 7 women may contract cancer. Also, 1 out of 27 women could be diagnosed with stroke and 1 out of 5 women is more likely to suffer from any one of these critical illnesses.

Moreover, men may have a higher risk of getting a critical illness such as heart attack. The reason is that most men may have started working longer hours thus leading to a stressful environment and lifestyle. Here are some figures concerning diseases among men. 1 out of every 11 men may contract cancer before reaching the age of 65. Similarly, 1 out of 7 men is more likely to suffer from heart attack. Furthermore, 1 out of 27 men may be diagnosed with stroke and finally 1 out of 4 men could have suffered any one of these diseases.

Critical illness insurance will pay you a tax-free, lump sum as specified in your insurance policy. Before signing the agreement, read the policy carefully. Make sure you know the exact range of illnesses covered. This will make it easier for you to obtain payment should you ever need it. Take some time to examine some of the recent statistics. Statistics provided by tiscali.money show that 80% of adults between the ages of 40 and 45 survive critical illnesses such as a heart attack. About half of these adults will survive for an additional 10 years.

Furthermore nearly 40% of people suffering a critical illness incident such as cancer, for example, are between the ages of 35 and 54. On a positive note, modern medicine can help many of these patients survive three years or more after diagnosis and/or treatment. About 350,000 people could have suffered disability as a consequence of stroke. Of the people who are affected by this critical illness, close to 70% may survive for a year.

Critical illness insurance may protect you as well as your family in a variety of ways. Should you happen to contract a critical illness such as heart attack in the future, critical illness insurance may award you a tax free lump sum. This money can be used to pay your mortgage, alleviate financial pressures due to loss of income and hence cover at least part of debts that may remain. Thus your family could continue living the way they always did.

If you are going to start a family it can be an advantage to buy a critical illness insurance. By doing so, you may already have secured the financial position of your entire family from any mishap that may happen to you in the future.

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