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 gamble with the fact that they may not fall prey to a critical illness. This fact stays as a bitter truth which reveals that someone is more probable to fall critically ill than to die before the age of 65. However statistics do confirm this fact. 1 out of 17 women may suffer from a heart attack before reaching the age of 65. Similarly, 1 out of 7 women may contract cancer. Also, 1 out of 27 women could be diagnosed with stroke and 1 out of 5 women is more likely to suffer from any one of these critical illnesses.

Moreover, men may have a higher risk of getting a critical illness such as heart attack. The reason is that most men may have started working longer hours thus leading to a stressful environment and lifestyle. Here are some figures concerning diseases among men. 1 out of every 11 men may contract cancer before reaching the age of 65. Similarly, 1 out of 7 men is more likely to suffer from heart attack. Furthermore, 1 out of 27 men may be diagnosed with stroke and finally 1 out of 4 men could have suffered any one of these diseases.

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.

About 40% of all patients diagnosed with serious illnesses, like cancer, are between 35 and 54 years of age. The good news is that all of them may live up to three years after diagnosis or treatment. It has been estimated that approximately 350,000 people are suffering from the debilitating effects of a stroke at any particular time. This is a terrible illness and almost 70% of its victims survive for at least one year.

There are a number of ways that critical illness insurance can protect you and your family. You will be paid a tax-free lump sum payment, upon contracting a critical illness. This money will be useful in dealing with the loss of income and can be used in any number of ways. This way your family can continue to maintain their standard of life and live comfortably.

If you are going to start a family it can be an advantage to buy a critical illness insurance. By doing so, you may already have secured the financial position of your entire family from any mishap that may happen to you in the future.