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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. The number of men who, before they retire, will suffer from a critical illness is an astonishing twenty percent according to statistics published from recent research. That same research also shows that women are only slightly less likely with a one in six chance, to be affected by a critical illness prior to retirement.
Possibly one of the main reasons for people not having critical illness insurance cover is a failure to understand the probability of becoming seriously ill. For the majority of people who do decide to take out critical illness insurance, the most important benefit is to protect their mortgage. Nowadays, critical illness cover and life insurance can be linked directly with mortgage repayments.
More and more people are starting to use the facilities provided by the internet to research and purchase insurance policies, including critical illness insurance. Unfortunately, being a relatively new facility, there are new problems that occur as more companies start offering services over the Internet for the first time. This is because many companies who provide critical illness insurance wish to have the applicant take a medical examination by an independent physician to ensure there is nothing untoward right from the start. 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.
One thing to consider though if decide to apply for a critical illness insurance policy is if you are a smoker, and that includes anyone who has smoked within the last year, you are looked upon as a higher risk applicant. It is now thoroughly recognized that smoking is dangerous for you and as a consequence your monthly insurance payment will cost more. 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. If you are laid off from work because of your condition or require specialist surgery, your critical illness insurance should cover the expenses incurred. The peace of mind that critical illness insurance and disability insurance can provide at such a time is priceless.