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Critical Illness Insurance pays you a lump sum amount to cover critical illness such as cancer, stroke, brain tumour, heart attack, parkinsons, loss of speech, failure of organs, alzheimers, coronary artery bypass grafts, traumatic head injury, multiple sclerosis and a host of many such critical illnesses.
If you are diagnosed of any critical illness which are covered in your critical illness insurance policy, you will receive a lump payment and that can be used by you to pay off any financial commitments such as a mortgage, loans, other borrowings and can also be used for any specialist medical treatment and or care you may need.
How does it work?
Unfortunately due to changing life styles, most of us are prone to critical illnesses. It is quite likely that all of us would have heard of someone in our close family or amongst friends who would have been diagnosed of cancer or had a heart attack. When such life threatening illness strikes, not only do people become physically frail but also lose their income generating potential. The last thing one would want is the financial burden that cannot be fulfilled. Critical Illness Insurance comes to the rescue as it pays a lump sum chosen by you as the benefit amount and you can not only pay off all your financial commitments but also use the benefit amount to make any modifications that may be needed to your property to adapt to your new life style.
There are essentially two types of critical illness covers you can choose from. The term critical illness insurance covers you for a fixed amount for the whole term of the insurance. This is also commonly referred to as level critical illness insurance. For example, if you choose to insure about £100,000 for 25 years. Regardless of when a claim is made year 1 or year 24, the benefit amount of £100,000 will be paid to you if the claim is allowed. This type of critical illness insurance is suitable for instance if you are on interest only mortgages. The other type of critical illness insurance is reducing type of cover. In this cover, the amount of benefit you would receive reduces year on year during the term of your policy. Taking the same example, the £100,000 that started in year 1 would gradually reduce and would come to zero in year 25. This type of reducing type critical illness cover is more suitable if you are on a re-payment mortgage wherein your financial liability reduces year on year.
Critical Illness can strike anyone
As we are living longer and also having complicated life styles, high stress at work and long working hours – all these unfortunately take its toll and being diagnosed with cancer or having a heart attack is not uncommon anymore. Even the ones with healthy lifestyles cannot avoid the genetically passed on deficiencies and no one is immune to such life threatening critical illnesses. The last thing you would want it to be diagnosed with a critical illness when you are least prepared to face upto it. All the critical illness change life styles completely and in several instances it is a non-reversible change. While you cannot avoid getting a critical illness completely, you can always choose to be better prepared to face it. Getting your finances in order and ensuring that you are not financially worse off when diagnosed with such illness is an essential part of life planning. Hence, while the going is good, it is important to invest in a good critical illness cover. Like some insurance covers, critical illness covers can be complicated to choose and is always best to speak to an advisor and choose the one that suits your requirements.
Critical illness Insurance can reduce your financial stress
When people get diagnosed with critical illness, the most common challenge is how to manage finances and how to meet the outstanding loans and commitments. If you are diagnosed with a critical illness and signed off work or cannot work, the pressure can be unbearable. The challenge of having to cope with the stress of critical illness, its treatment and series of appointments with the doctors on one hand and not having the kind of income you were used to on another. The stress from this combination is not pleasant. The last thing you want to worry when you have been diagnosed with a critical illness is your finances. Most people end up in situations wherein they may have to give up work at least temporarily until they are fully treated and in such situations, it is critical illness insurance that comes to your rescue. Critical illness insurance not only helps you manage your finances but also gives you the confidence to fight your ailment and get back on feet as quickly as possible. There is a wide range of critical illness insurance that is available to choose from.
Critical Illness Insurance helps you cope with unexpected life style changes
If you encounter any of the critical illness, you want enough resources to fight it through. The last thing you would want is not having enough money and to depend on other family members financially. The change in life style from some of the critical illness can be so damaging that not only do they drain people out emotionally but also leave them in situations wherein they may be never able to get back to jobs and start earning the same kind of income. Critical Illness Insurance helps you cope with such eventualities on a strong footing financially. It’s never too late to cover yourself if you haven’t already and if you have bought critical illness insurance a few years back, always a good idea to get some comparative quotes to ensure that you are not paying more than what you should. Speak to a Best Insurance advisor for a no obligation quote now.