|
The Growing Popularity And Importance Of Critical Illness Cover
By: Victoria Selman
Critical illness cover is one of the most popular and fastest growing insurance
products available in the UK. This is shown by the fact that there was a 31%
increase in the number of critical illness insurance policies sold between 2001
and 2003.
This article discusses what critical illness cover is and how it could help you.
What is Critical Illness Cover
Critical illness insurance pays out a tax free lump sum to policy holders if
they are diagnosed with a serious illness which is covered by their critical
illness plan. Examples of serious illnesses covered by critical illness
insurance policies include; strokes, heart attacks and cancer.
Policyholders can use this money in any way that they wish such as for medical
care or to cover living costs that they cannot otherwise meet owing to loss of
income.
Who Should Consider Critical Illness Cover
Most people do not like to contemplate the fact that they might become seriously
ill and assume that it will not happen to them. However, statistics demonstrate
how widespread serious illness is and that we should face the fact that we might
suffer from it at some point.
For example, 100,000 people in the UK have strokes each year and almost 8,000 of
them are under 55 years old. Of these, a third die within twelve months and
another third, over spend the rest of their lives disabled.
Furthermore, in the UK, 300,000 people have heart attacks each year and 80% of
sufferers aged between 45 and 65 survive. Whilst over 30,000 women are diagnosed
with breast cancer annually many of whom survive for a number of years but
continue to need medical treatment.
Benefits of Critical Illness Cover
Given that so many people who are diagnosed with serious illnesses go on to
survive but need ongoing medical treatment and often cannot continue working,
critical illness insurance can provide a very welcome financial safety net.
About the Author:
Critical Illness Insurance Information site: http://www.critical-illness-insurance-uk.org.uk
|
