Things you need to know about Critical illness insurance
May 17th, 2008 | by admin |No-one ever expects to become ill especially when they are young and healthy but planning for this unforeseen event is worthwhile; critical illness insurance might be required someday so is planning for this really strange? After all, you are providing for the financial needs of your family in the future if something untoward happens where you will no longer be around to help them in person.
After many years of medical studies it is apparent the chances of a person contracting a critical illness during their life is quite high so insurance providers now handle policies like this every day.
Research has shown that men working as an electrician or even any other are more likely to contract a serious condition than women with a figure of twenty percent before the age of 65. This figure reduces, but only slightly, for women with around 15 percent having a severe health condition before retirement.
It is not certain why the take up figure for critical illness insurance is so low but it may be that people either do not see the need or do not believe the chances of this happening are that high. Those that take out critical illness cover normally do so to help pay their mortgage repayments if they are no longer able, but this type of plan can now be added directly to mortgage repayments.
More and more people now use the Internet to source their insurance cover and there has been an increase in the number of people who are arranging their health policies online. There are still some teething problems with this type of facility with insurance companies realizing it may not be as easy as they thought. Not surprisingly, insurance providers often require the applicant to undergo a routine examination to clear up any possible existing complaints right from the outset. As a claimant you will also want to know that any claim on your critical illness insurance you make will be accepted and dealt with sensitively.
Smokers are unfortunately treated as higher risk applicants; this includes anyone who has smoked within the previous year, and as a consequence they are placed in a high risk category. Smoking is considered extremely hazardous to your health but other factors must be considered as well because you may have a dangerous job or pastime, you may be aging or already suffer with poor health.
However, the purpose of applying for critical illness insurance protection is to make sure that even if a terminal illness is diagnosed, surgery is required or even a period of unemployment, that benefits will be forthcoming to cover living expenses. If you have family responsibilities then there can be no debate about the benefits of having an insurance plan set up and in place should the worst happen.
