Should Critical Illness Cover Be A Critical Part Of Your Financial Planning?

Critical illness is up there with one of the most important issues in life that people just don’t like or want to talk about. Now, at the risk of sounding depressing, have you ever thought about how you were to financially cope if you fell too ill to work? Could your family cope? Perhaps this New Year should encourage you to kick start some financial planning and preparation for just such a scenario why not get some professional life insurance advice and even a life insurance quote or two. Don’t take a macabre view on the process, see it as an investment, should (being the imperative word here) anything happen to you.

Do you have a life insurance policy? Do you know that it is unlikely to pay out should you become too ill to work? It is advisable to research your current deal to establish if it includes critical illness cover. If it doesn’t, most policies do offer it as an addition to your outstanding policy. The long term benefits of paying that little bit extra per month can make things a lot easier for your dependents. Statistics by BUPA, one of the UK’s most established private health care companies, highlighted that one in four people develop a serious health problem between the age of 30 and 60. This is a surprisingly high number of individuals, and perhaps something to spur you on to adapting your policy?

As with most products offered by financial services lenders, critical illness policies will not protect you against every possible effect of varying conditions. While you will be covered against the more common life changing illnesses, full coverage cannot be guaranteed. To deal with this level of uncertainty, it is best to obtain financial advice in order to find the most suitable policy for you.

While policies surrounding health insurance are sometimes a little complex and complicated, the long term benefits are astounding. We are more than happy to protect our loved ones should we pass away, but why should we compromise their future in the more likely eventuality of falling ill with critical illness. The initial paperwork and research is surely worth the financial security of your family? So, here are just a few bits of advice to help you on your way to obtaining critical illness cover.

So, here are some hard statistics to get you going. According to Insurance Provider Scottish Provident, a huge 6 out of 10 people in the UK have no protection whatsoever, 35% have life cover alone and just 13% choose a policy that protects in the event of critical illness. Which band do you fall in? These statistics are shocking, especially when you consider how much debt must be incurred from those without any protection at all.

The FSA blames a lack in the availability of information on health insurance Dubai for these low statistics. However, following their report in 2006, there has been a surge in information and advice for the consumer, particularly online. Therefore, if you, like many, are unsure as to where to begin with a critical illness policy, then do a bit of research online.

In the simplest terms, critical illness cover protects an individual if they suddenly contract a critical illness. The UK’s biggest killers, heart disease and cancers are automatically covered in health insurance policies. Similarly, strokes, cancers, Parkinson’s disease, kidney failure and Alzheimer’s disease are all generally covered. However, most policies specify that the individual must survive a certain length of time following their diagnosis, usually between 1 to 2 weeks, in order to receive the payout. Therefore, it is important to thoroughly understand the policy you are considering.

Most providers have policies that cover over 20 illnesses, for example Friends Provident covers a massive 37 different illnesses. The complications really emerge though regarding illnesses that can be critical but most people can live a reasonably normal life with. Take Diabetes, most suffers can lead a relatively normal life for years and years. Though, there are instances where the disease can lead on to other health complications such as problems with their body’s extremities. Now if someone was to lose the use of their feet, you would consider it a critical illness that should be covered as it would undoubtedly prevent them working. And most policies do cover this, if the loss of extremities was a result of anything other than diabetes. Yes that’s right, if someone was to lose their feet and hands as a result of diabetes, it would not be insurable. As the fifth most common cause of death across the world, this is a shocking fact.

Of course there are various help points for diabetics, for example Diabetic Life who operate on the market for exactly this reason. But the point still remains. So you must decipher if obtaining critical illness cover will be of true benefit for you. When you weigh up the potential benefits of an all-inclusive life insurance and illness package, I personally believe the pros would certainly outweigh the cons.

Of course no one can predict the future; we don’t know when we’re going to fall ill, or how it will affect our lifestyle. For this reason there is no such thing as a comprehensive policy when it comes to health insurance. Although, researching your family’s medical history and gathering together information on your lifestyle such as habits, diet, exercise and previous illness can really help determine the best policy for you. So returning to the original question, how critical is critical illness cover? It is certainly something to seriously consider. While it is complex and sometimes complicated, you’ll be thanking yourself should anything happen which inhibits you from working.

Debi writes for Just Life Insurance the UAE’s No1 site for life insurance advice, and market leading life insurance quotes. The site also features a number of specialist resources for the over 50′s life insurance market.

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