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Is it imperative to have critical illness cover?

by: RobFisher
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Critical illness insurance is now one of the fastest growing types of insurance. According to tiscali.money, over one million critical illness policies will be sold in the UK in 2002 alone. Advanced medical treatments prolong the lives of many critically ill patients, creating the need for critical illness insurance.

Most people take the risk, hoping they will not suffer from a serious illness. Unfortunately, you are more likely to die of a critical illness before the age of 65. Statistics show that one out of 17 women under the age of 65 will suffer a heart attack. In addition, about one in seven females will develop some form of cancer. One in 27 women will suffer a stroke, and one in five women will suffer from other critical illnesses.

As for men, they may be more likely to suffer a heart attack or other critical illness. It is believed that the cause for this is that statistically men work more hours in stressful situations and make lifestyle choices that also increase stress levels in their lives. Here are some statistics regarding diseases among males. Almost 10%, one of eleven men, will be diagnosed with cancer before age 65. If you're sitting in a room with seven men, one of you is likely to suffer a heart attack at some point in their life. Also consider that one of every 27 men may suffer from stroke. Making one of every four men at risk for being affected by one of these conditions.

One of the greatest benefits to critical illness insurance is that it may compensate you with a tax free lump sum disbursement if you meet the policy's conditions for a critical illness incident. If you want to obtain the lump sums hassle free, you should read your critical illness policy documents very carefully to know precisely the range of diseases covered before signing the agreement. Let's begin by examining statistics connected to critical illness insurance. As reported by Tiscali.Money, 80 percent of people between ager 40 and 45 will survive a critical illness. About half of those suffering such a critical illness will survive for at least another ten years.

Additionally, around two fifths of patients diagnosed with a critical illness such as cancer may be aged between 35 to 54. The encouraging fact is that all of them may survive three years after diagnosis or treatment. Also, around 350,000 people could have been disabled at any one time due to stroke. Almost 70 percent of victims who suffered this critical illness may survive for one year.

There are a number of ways that critical illness insurance protects you, your family, and their lifestyle. While your critical illness insurance policy is in effect, should you have an incident of critical illness, for example a heart attack, then the critical illness insurance pays out a tax free lump sum. You can use the money to pay your mortgage, pay off some of your remaining debts, and reduce the financial strain of being without an income. In this manner your family is able to maintain the same lifestyle as before.

Buying critical illness insurance can be advantageous if you are planning to start a family. Taking this action is a step in the right direction of solidifying your family's financial future against any mishap that might occur.

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If you are looking for a critical illness insurance quote check out Rob Fisher's website and get some useful tips on critical illness insurance

Is it imperative to have critical illness cover?

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