Is it imperative to have critical illness cover?
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.
Men statistically, are at a higher risk for serious illnesses like a heart attack. Longer work hours and an overall stressful lifestyle are the main contributing factors. The statistics show that men have a one in 11 chance of contracting cancer before reaching 65 years of age. In addition, about one in seven men will experience a heart attack. Roughly 3% of all men will suffer from a stroke during their lifetimes, and 25% of all men will be stricken by other serious conditions.
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.
About 40% of all patients diagnosed with serious illnesses, like cancer, are between 35 and 54 years of age. The good news is that all of them may live up to three years after diagnosis or treatment. It has been estimated that approximately 350,000 people are suffering from the debilitating effects of a stroke at any particular time. This is a terrible illness and almost 70% of its victims survive for at least one year.
There are a number of ways that critical illness insurance can protect you and your family. You will be paid a tax-free lump sum payment, upon contracting a critical illness. This money will be useful in dealing with the loss of income and can be used in any number of ways. This way your family can continue to maintain their standard of life and live comfortably.
Buying critical illness insurance can be advantageous if you are planning to start a family. Taking this action is a step in the right direction of solidifying your family’s financial future against any mishap that might occur.
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