Why do people take out critical illness cover?

Critical illness cover could be one of the most important purchases you ever make. These are the top 5 reasons people take out a policy.

Statistics

You are much more likely to be diagnosed with a critical illness than say die before retirement age. The sad statistics show that 1 in 5 men and 1 in 6 women have a long-term critical illness that will stop them from working as normal. Insurance cannot stop this unfortunately, but it can provide financial stability when it is needed most.

Peace of Mind

The average age of a claim for critical illness insurance is 47, which is well before retirement and affects a large portion of the population. Buying critical illness cover means that you will be able to cope financially if your circumstances change significantly.

Extended Cover

Newer policies by the top critical illness under writers have more extensive coverage of illnesses than they have ever had. Make sure to discuss exactly what is and is not covered with your advisor as policies do vary from one insurer to another.

History of Illness in Your Family

This is a good form of insurance protection for people who have illnesses such as breast cancer or heart disease. Critical illness cover could be an effective income protection should you actually develop the illness.

Get Protected

Very nearly two thirds of the population do not have any sort of financial protection whatsoever. Life insurance is the most popular type, but advances in medicine and technology have meant people live longer and surving critical illnesses that previously they wouldn’t have. The age group 45-54 is the most likely to claim but couldn’t afford to be ill and unable to work and provide for their family.

more information