Critical Illness Insurance
Yes, life insurance is important when you have dependants. If you are married, or married with children, or you look after your elderly parents or family, you must consider their welfare should anything happen to you. Most people will have taken consideration for their loved ones and taken life policy or policies to cover the worst. But what about if you become seriously ill and unable to work? These are unpleasant thoughts, yet extremely important when it comes to protecting your loved ones. This is where critical illness protection comes in.
Critical illness insurance provides you with a lump sum of money should you be diagnosed with certain illnesses or disabilities listed on the policy.
Examples of critical illnesses that might be covered include:
Certain types and stages of cancer
Conditions such as Parkinson’s disease
Not all conditions are covered and the policy will also state how serious the condition must be in order to make a claim.The cost will vary depending on several factors, such as age, medical history and whether you are a smoker. cover adequate?
Do I Need Critical Illness Insurance?
It would be a good idea to get critical illness insurance if:
1. Your employer does not provide a benefits package that covers a longer time off work due to sickness. If your employer does provide this as a benefit, you should note that it may be worth getting a small policy to cover life & critical illness, as you don’t know how long you may be working for your current employer, and naturally insurance becomes more expensive with age and as your medical history changes over time.
2. You have no savings to tide you over if you become seriously ill or disabled.