Critical Illness: ‘It Won’t Happen To Me’
This attitude is evident across the UK, as only 1 in 5 people in the UK have protection in place which would provide financial support if they were to become too ill or disabled to work. This is in stark contrast to the 42% of the UK’s population who have experienced an illness that resulted in loss of income.
What is critical illness cover and how does it work?
A critical illness policy will pay a lump sum of money on diagnosis of a life-threatening condition. Each policy will have a list of predetermined illnesses, such as heart attack, stroke, loss of a limb, cancer, multiple sclerosis or Parkinson’s disease amongst others.
The Lump Sum can be spent in any way you wish, which can be particularly useful to pay off a mortgage or any medical expenses you may face. Another type of health insurance to be considered is income protection, which is designed to continue paying a monthly wage if you were unable to work long term as a result of an accident or illness.
The premium and amount of cover can vary, an independent financial adviser can help you to find the best policy for you and your needs.
So, what stop’s people from taking out critical illness cover?
In the past critical illness cover had a bad rep, as insurance companies were incredibly secretive about the number of claims that were let through. However, this has changed and insurers now declare how many claims are successful – on average 9 out of 10 are met.
Why should you consider health insurance?
- If you were unable to work due to sickness and do not have enough savings to cover your expenses.
- Some employers offer benefit packages which includes health insurance, so it’s worth checking to see if this is in place with your employers.
- If you share expenses and living costs with your partner and feel that their income would not be adequate to cover your outgoing costs.
If you have any concerns or would simply like to assess your situation should the worst happen, please contact us.
01727 85 22 99