We are surrounded by insurance policies for this and that and most of the time we never use them but critical illness insurance will protect you from financial problems if you are in a situation where you will never work or live a normal life again. Although we are happy to sit with our cup of coffee and a pastry costing each day and somehow rationalize that it is a necessity, but not spend the few dollars a week it would cost for critical illness insurance to protect our finances and our loved ones health, should we ever need to.
As the majority of critical illness insurance products now cover common illnesses and given the statistical probability that you will be critically ill at some point, it is a good thing to have. Speaking of statistics, recently they have revealed that at least twenty percent of men will suffer from a critical illness before they retire. For women, this figure is slightly lower with only one in six being affected by a critical illness before retirement.
Lack of knowledge or belief in the chances of contracting a critical illness might be the main reason why so few adults take out critical illness insurance protection, according to insurance companies. Protection of mortgage payments is listed as the number one reason why people decide to have critical illness insurance cover. Fortunately, most mortgage protection policies will now allow you to include life insurance and critical illness 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. This is also benefits the claimant as the last thing they want is to claim in on their critical illness insurance to have problems with the company over any potential settlement.
Smokers, unfortunately, are treated as higher risk critical illness insurance applicants, including anyone who has smoked within the previous year and as a consequence are placed in a high risk category. This is understandable as statistics show you are at a greater risk of smoking related conditions and so your insurance premium must increase in line with this potential risk. For the most part though, when you apply for critical illness insurance, the company will factor in your age, health, workplace, environment, activities and so forth. If you are laid off from work because of your condition or require specialist surgery, your critical illness insurance should cover the expenses incurred. There can be no argument about the peace of mind that having a critical illness insurance policy in place can bring to someone who has a family and financial responsibilities.
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