Critical Illness Insurance

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Many of us consider critical illness insurance and disability insurance as something that would be a good thing to have but when we are fit and healthy, cannot see the point of making a financial allowance for it in our monthly budgets. It is unfortunate that most of us prefer to spend a few dollars every day on small luxuries than on providing our family and loved ones with critical illness insurance protection to ensure financial stability should something happen.

Most critical illness insurance plans now cater for many of the more common illnesses and because statistics show that there is a good chance you will suffer one of these at some stage in your life, it is a worthwhile policy to have. Recent studies have shown that one in five men will, unfortunately contract a critical illness before they reach retirement age. For women, this figure is slightly lower with only one in six being affected by a critical illness before retirement.

Possibly one of the main reasons for people not having critical illness insurance cover is a failure to understand the probability of becoming seriously ill. Protection of mortgage payments is listed as the number one reason why people decide to have critical illness insurance cover. To enable continued payment of a mortgage, most mortgages can be set up to include protection policies that include critical illness insurance in addition to life cover.

More and more people are starting to use the facilities provided by the internet to research and purchase insurance policies, including critical illness insurance. As with any new technology, there have been a few glitches as more and more insurance providers decide to use the internet as a means to promote, inform and sell policies of this type. From a critical illness insurance providers point of view, this is quite understandable as there often needs to be a medical examination carried out on the policy applicant prior to the plan being accepted. If you're in the unfortunate position of having to make a claim on your critical illness insurance policy, the last thing you want is insensitive hassle or apparent non co-operation from your insurer.

If you smoke, your premiums will also be affected as most companies that provide critical illness insurance consider the definition of a smoker as someone who has used tobacco of any sort in the previous year and are considered a higher risk. Smoking is a potential threat to your life therefore, premiums will increase. Although this is an important factor to consider, there are others like your age, health, where you work, what activities you do and environment that your critical illness insurance provider will look at. If you are laid off from work because of your condition or require specialist surgery, your critical illness insurance should cover the expenses incurred. If you have family responsibilities then there can be no debate about the benefits of having a critical illness insurance plan set up and in place should the worst happen.