Grim stories about the rising incidences of
cancer among younger people has led to renewed interest in critical
illness insurance, but what is it and do you need it?
What is it?
Critical illness cover pays out a tax free lump sum if you contract
one of a list of diseases. The most common diseases covered
are cancer, heart bypass surgery, a heart attack, kidney failure,
a major organ transplant, multiple sclerosis and a stroke, There
are over 20 other conditions covered depending on the insurance
company.(some insurance companies differ slightly)
Other diseases covered in most companies are:
Alzheimer’s disease, Aorta Graft Surgery, Benign Brian
Tumour, Blindness, Cancer, CJD, Coma, coronary artery surgery,
Deafness, HIV/AIDS on certain circumstances, Loss of limbs,
Loss of speech, Motor Neurone Disease, Paralysis, Paraplegia,
Parkinson’s Disease, Stroke, Third Degree Burns, Total
permanent Disability. Please make sure that the Critical illness
that you want can be covered is included in your C.I.C quotation.
Many people use the money they receive to pay off their mortgage.
you might want to adapt your home or spend the money on paying
for a carer or you may just want the money to enjoy the rest
of your life in comfort.
What is covered?
Some policies contain a far longer list - they may not necessarily
be the best on the market. Total permanent disability is an
important condition to be covered, however.
What are the major catches to be aware of?
It's best to buy a policy that has an "own occupation"
definition under total permanent disability. Some policies have
an "any occupation" definition, which means you could
be required to take up a different job if you become ill rather
than receive a pay out.
What are the different types of policies?
You can buy policies that are either stand
alone or combined with life cover or a mortgage endowment. Often
a combined policy works out cheaper than buying separately,
but the payout is usually based on an either/or situation. In
other words, if the policy pays out for a critical illness,
you will no longer be covered by the life insurance element.
Do you need it?
That depends on how you feel about C.I.C Insurance,
there are many statistics showing you why you need C.I.C like
the government figures also show a long absence from work due
to illness is 10 times greater than the chance of dying before
retirement.
Also One in three people will develop cancer, according to Cancer
Research UK, and according to the British Heart Foundation someone
suffers a heart attack every two minutes.
>>Click
here to get a Critical Illness Cover Quote for individuals,
family, groups , corporate, or ex-pats.<<
Need more help? Why not give us a call,
or click here to contact
us via our online form.
