Critical Illness Insurance Policies - Cover & Quotes

Monday, December 31, 2007

Can A Stroke Be A Reason To Have A Critical Illness cover?

by Mike Armstrong

Critical illness insurance may provide you with cover if you are diagnosed with a critical illness met by your insurance's policy definitions. There may be around seven core cases that can be found on most critical illness policies. These are: Cancer, heart attack, stroke, kidney failure, multiple sclerosis, coronary artery bypass and major organ transplant. Should you suffer from any one of these illnesses during your insurance term, a tax free lump sum may be awarded to you. Critical illness insurance may have helped one and many to step out of financial problems due to loss of income of the suffering person.
Cancer can be said to be the largest cause for critical illness claims followed by heart attack. We'll now have a look at stroke, believed to be the third largest source of critical illness claims in the UK.

Stroke According to the Stroke Association 1999, around 100,000 people may contract stroke each year in the UK. Due to medical strides, about 70 percent are more likely to survive this critical illness for one year. Stroke is a dangerous critical illness as it may render the suffering person disabled. Surveys demonstrate that stroke can be largest responsible cause for disability making 300,000 victims at any one time in the UK.

Moreover, as per the Stroke Association 2002, approximately 10 percent of stroke suffering victims may be of the retirement age. Also, around 33.3 percent of people suffering from this critical illness may end up being disabled. Disability can change someone's life. Had it not been for critical illness insurance, changing needs according to a different lifestyle may not have been considered. For example, buying a car for disabled persons, accommodating the house for a wheelchair and even starting up new training for a different work. Additionally, around 33 percent of people may also die due to this critical illness after 1 year of diagnosis and attempt of treatment while others may still make a good recovery.

According to the Office for National Statistics 2005, in the year 2004, about 0.8 percent of men of all ages may have suffered a critical illness such as stroke. Additionally 0.1 percent of men aged 16-44 contracted the same disease, 0.8 percent aged between 45-64, 1.1 percent aged between 65-74 and 5.4 percent aged 75 or more all suffered from a critical illness like stroke. As for women, the results may be slightly different. In the year 2004, 0.6 percent of women of all ages suffered from stroke. Further figures showed that this critical illness also affected 0.7 percent of women of all ages, 0.2 percent aged between 16-44, 1.5 percent aged between 65-74 and 1.9 percent aged 75 or more.

Stroke can be considered as the third leading cause of critical illness claims in the UK. The percentage of a critical illness like stroke strike men much more than women as seen earlier in the article. The reason can be that men may be more vulnerable and exposed than women. Also, men may not have too much free time to have check ups regularly so that the critical illness could be detected earlier. Therefore, one possible solution may be to have a critical illness cover that can safeguard you in case you are affected by such a disease in the future.

About the Author
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.

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Can A Stroke Be A Reason To Have A Critical Illness cover?

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Sunday, December 30, 2007

Consumers confused when it comes to buying critical illness insurance

by David Thomson

Critical illness insurance is taken out to insure against the possibility of an individual being diagnosed with a critical illness sometime in the future. With advancements in medicine more people who are diagnosed with a critical illness are recovering from the illness but their finances could be stretched to the limit and life could be harder than it has to be.
The cover will pay out if you are diagnosed with any of the critical illnesses which are outlined in the policy, the actual illnesses will vary on the policy but common ones include being diagnosed with cancer, suffering a stroke, a heart attack or having to have an organ transplant. However consumers are sometimes getting confused when it comes to taking out critical illness insurance, and end up buying cover that does not give them adequate protection.

Some providers of the cover are selling a policy for huge premiums that gives very little protection and can have many exclusions in it that offers very poor value to the consumer. It is the small print in the policy which is causing the majority of problems with a policy; very little information is often given regarding them which mean that the consumer is buying cover that they do not understand.

While critical illness insurance when taken out with the small print in mind will payout a tax free lump sum on diagnosis of a critical illness, it was recently reported that around 25% of all claims made against a policy are rejected due to the exclusions. At a time when the individual needs financially security and peace of mind that they will be able to continue repaying their mortgage and essential outgoings many are being left with the added stress of finding they cannot claim.

It seems that many providers of the cover will do anything possible to squirm their way out of paying out on a claim, excuses such as drinking more alcohol than stated on the form and not reporting minor problems before being diagnosed have all been made. It is essential when taking out the cover that you know exactly what you are buying before you purchase and take care when filling in the forms associated with the cover so that you disclosed everything necessary relating to your health.

Just as with payment protection cover which is being investigated by the Financial Services Authority, critical illness cover has seen a rise in the amount of claims against firms selling inadequate critical illness insurance. Many of these claims were based on the fact that the provider failed to make the consumer aware of the exclusions and small print in a policy at the time of being sold the cover.

Critical illness cover can help you at as key time in your life you have read the key facts and small print of the policy and the best way to get the essential advice needed is to go with a specialist broker. The cover can be pushed alongside the loan or mortgage but this is the riskiest and most expensive way of buying the cover. A specialist broker can get you a good quality critical illness insurance policy while at the same time gathering the key facts so that you can determine if a policy would be suitable for your circumstances.

About the Author
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.

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Consumers confused when it comes to buying critical illness insurance

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Monday, December 17, 2007

Don’t Underestimate The Importance Of Critical Illness Insurance

by Victoria Selman

When a group of people were questioned in a recent survey about how important they thought it was to have critical illness insurance, a significant proportion said they thought it was unnecessary.

When pushed further they explained that they thought it was unlikely that they would become seriously ill and therefore they did not want to waste money on premiums. Unfortunately this attitude is not supported by the facts.

In the UK around one in five people become critically ill before reaching retirement age. This means that for many, serious illness will prevent them from working and earning the money needed to support themselves.

On top of this, people who become incapacitated by serious illness and are unable to work may also not be able to afford the medical care that they need.

Critical illness insurance provides a financial buffer for people who become seriously ill and unable to work. It does this by giving policy holders a tax free lump sum that they can spend at their discretion.

In other words, policy holders can spend their critical illness insurance money on medical care, everyday living expenses or even paying off their mortgage. There is not restriction on how they can spend their money.

This not only provides policy holders with the financial support that they need. Critical illness insurance also gives them peace of mind that they will still be able to take care of their dependents if they become too ill to work.

As the majority of critical illness insurance products cover common illnesses and given the statistical probability that you will critically ill at some point, it is a good thing to have. Of course when it comes to choosing a critical illness insurance policy it is important to shop around.

It is also important to get good, independent advice about what type of policy would suit you best. Furthermore, when applying for critical illness insurance, do ensure that you provide all the necessary information. Failing to do so might actually mean that you would not be properly covered.

Critical illness insurance is not something that most people want to think about because they do not want to consider the possibility of becoming seriously ill. However it could happen and setting up an insurance policy means you would be prepared for that worst case scenario.

About the Author:
(http://www.critical-illness-insurance-uk.org.uk/)Critical Illness Insurance UK offers free and independent information about critical illness insurance and the chance to speak to an expert free of charge.

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Don’t Underestimate The Importance Of Critical Illness Insurance

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Wednesday, December 12, 2007

Do I Need Critical Insurance Cover?

by David Thomson

Critical illness insurance can be a Godsend for anyone who would suffer financially if they were to be diagnosed with a critical illness such as cancer, a heart attack or stroke. If something such as this should happen, then the bills would soon mount up, bills including your mortgage, your medical bills if any, taking care of your family and the future - these all come into play.

Critical illness cover gives you a tax-free lump sum payment that can be used as you wish. Some people pay off their mortgage, others use it to pay for private medical treatment or put it in the bank to allow them to carry on paying their every day bills along with making any changes that might have to be made to their home to accommodate their illness.

The illnesses covered by this policy varies from company to company as well as how much you pay for your policy. There are many types of policy available and the level of cover will determine how much you pay for the insurance and also what is included in the cover. However the policy can be tailored to some extent, with some companies offering benefits for what you can afford to pay.

It is imperative that you fully understand critical insurance policies, as with any type of insurance there are many exclusions within them. Policies will only pay out for the conditions which are listed within them and these usually include heart attack, stroke, any major transplant of an organ, cancer, coronary heart by pass and multiple sclerosis.

However even with these being outlined within the policy it still doesn't mean that it is cut and dry, for example with some insurers you have to have proof that your heart problems are not such as angina, as this is excluded from some policies. So always make sure that you read the small print and what is and is not covered by the policy.

Usually there will be a waiting period before you can make a claim on a policy and a critical insurance policy can usually be taken out between the ages of 17 and 70.

About the Author:
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.

Do I Need Critical Insurance Cover?

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Saturday, December 8, 2007

Getting Your Children Covered By Critical Illness Insurance

by Victoria Selman

Children and Critical Illness Insurance

An increasing number of critical illness insurance companies now cover children from the age of three, as standard. However, Critical Illness Insurance companies generally do not cover any illness or disability that a child was born with or had at the time the policy was taken out. If you have children, then you may want to consider taking out a critical illness insurance plan with this benefit.

If you are interested in covering your children under your critical illness insurance, we suggest that you speak to the provider you are thinking of using about how much you can insure them for. This is because all critical illness insurance policy terms vary by provider.

Prior to taking out a critical illness insurance policy it is very important that you read the Key Features Leaflet. This is a document that you receive from critical illness insurance companies outlining the policy you are considering and exactly what it covers and excludes.

The information contained in the Key Features Leaflet will help you compare different critical illness insurance policies.

The Benefits of Including Your Children in Your Critical Illness Insurance Policy

If you include your child in your critical illness insurance policy and he or she develops an serious illness covered by the plan, then you will receive a tax free lump sum payment.

You are entitled to keep this payment from your critical illness insurance even if your child recovers.

The money you receive from your critical illness insurance can be spent however you choose. For example, you may wish to spend it on the provision of medical care and treatment for your child.

What to be Aware of When Including Children in Your Critical Illness Insurance

In most cases critical illness insurance does not automatically include Bacterial Meningitis.

Therefore if you want your child to be covered for Bacterial Meningitis you should extend your critical illness insurance to cover it.

About the Author:
http://www.critical-illness-insurance-uk.org.uk

Getting Your Children Covered By Critical Illness Insurance

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