Article Summary
There is a 1 in 5 chance that a man will suffer a (cheap mortgages) long-term critical illness before his normal retirement age. So why isnt critical illness insurance more popular? This article investigates the reasons and reinforces the importance of this form of
insurance
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Critical Illness Insurance. Do you really need it, or is it a waste of time?
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GREAT NEWS! Theres now a one in five chance of you winning the lottery before you retire.
Getting excited? Think its just a matter of time before you win? Think again, its not going to happen - but it got you thinking!
Now think of the same odds but this time about bad news. There is a 1 in 5 chance for men and a 1 in 6 chance for women that a long-term critical illness will prevent them from working. Sorry - this time its true. (health insurance)
Insurance cannot change those odds but it can alleviate the potential financial wreckage caused by being unable to work through long-term illness and still having a family and home to support.
Convention declares that every good family man should have life insurance. Its easily understood, its accepted and your next door neighbour has it too. But what about its close cousin critical illness insurance? Youll have to walk several streets to find someone who has it. Given the odds, why? After all it pays out a tax-free lump sum immediately an insured critical illness is diagnosed.
- Life Insurance Take a last gasp and count the savings!
- If you gave up smoking at least a year ago, this article will help you save lots of money on your life insurance. Essential reading.
- Insurance. Duplicated insurance wastes money.
- You'd be surprised how many of us inadvertently duplicate insurance cover - and it's a total waste of money. This article explains.
- Insurance. Duplicated insurance wastes money.
- You'd be surprised how many of us inadvertently duplicate insurance cover - and it's a total waste of money. This article explains.
- Calculating The Life Insurance Cover You Need
- You family will need cash to survive when you've gone. They will also need a monthly income to replace your salary. Follow our guide to calculating the level of life insurance you need.
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The usual reason given is its expense. Yes it is more expensive than life insurance but after all its providing cover for a greater risk. Youre much more likely to experience a critical illness than die before your normal retirement age. Indeed, the average age for a claim is 47. So clearly there is much more to the publics resistance.
Not understanding the risks or "head in the sand syndrome" are certainly major factors. After all a lzheimers disease, bacterial meningitis, brain tumours and leukaemia plus the long list of other illnesses typically covered by critical illness insurance, are not matters we care to think of nor know much about.
Could there be another reason? Well there have been repeated ( remortgages ) newspaper articles about people who claim on their critical illness policy only to have it turned down on an apparent technicality - the inference being that the insurance company cannot be trusted. Indeed, Standard Life freely admits that it turns down around 20 % of critical illness claims. (home insurance)
The truth is that behind every story of life insurance policies rejection theres a harrowing story of illness, distress and sorrow - and potential copy for the journalist. But that in itself, is not evidence that the insurance company is guilty of devious behaviour.
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