It’s Not Just Individuals Who Should Be Considering Critical Illness Insurance

by Elizabeth Harfleet

Have you ever wondered what you would do if you or a loved one became critically ill? With 20% of all adults in the UK becoming seriously ill before reaching retirement age, now is the time to start planning for such an eventuality.

Critical Illness Cover enables people to protect themselves financially in the event that they or a dependent becomes seriously ill. It does this by paying out a tax free lump sum if a policy holder becomes seriously ill whilst they have cover.

This can provide much needed financial security in the event of serious illness. For instance, if a breadwinner has critically ill and cannot work he or she can use their policy payout to support themselves and their family.

Furthermore, critical illness insurance helps you to pay for expensive medical care which might otherwise cost more than you could afford.

Critical illness insurance does not just benefit individuals. It can benefit businesses too by offering financial aid if a key employee becomes incapacitated. Key employees include company directors; anyone responsible for the smooth running of the business.

However, despite the benefits of critical illness cover, only 10% of small businesses have policies in place for their key employees.

As a result many companies could be opening themselves up to financial risk. This is because if a key employee is prevented from working because of illness and is not covered by critical illness insurance the business is likely to suffer.

Critical illness insurance is something that statistics dictate that we all think about. Whilst the benefits offered by having a critical illness insurance policy in place can be significant in the event of serious illness. But critical illness insurance is not just beneficial to individuals- it also benefits businesses. Companies who do not have critical illness cover for their key employees should consider whether saving money on premiums will actually save them money in the long run.

About the Author
(http://www.critical-illness-insurance-uk.org.uk/)Critical Illness Insurance UK is an impartial information and advice site which offers visitors the opportunity to have a free consultation with a Critical Illness Insurance expert

Planning for Critical Illness: An Intelligent Move

by Francisco Segura

Most of us enjoy our health, often this is taken for granted but we cannot guarantee this will be the situation for the rest of our lives; fortunately, the benefits of critical illness insurance are being experienced by many people who have seen this make a big difference just when they needed it. Providing financial peace of mind for your family by taking out protection for a mere few dollars each week, does not seem as important to most of us as having that luxury cup of coffee every day during lunch. Insurance providers, acting on the statistical information they receive from research institutes now offer this type of protection to every one of their customers.

These studies make for somber reading when you consider around one in five men will contract one of these conditions before they reach retirement age. This figure reduces, but only slightly, for women with around 15 percent having a severe health condition before retirement. Lack of knowledge or belief in the chances of contracting an illness like this might be the main reason why so few adults take out critical illness insurance protection, according to insurance companies. Those that take out critical illness cover normally do so to help pay their mortgage repayments if they are no longer able, but this type of plan can now be added directly to mortgage repayments.

Since the advent of the Internet as a marketing and sales tool, insurance companies have promoted their products online and in recent years there has been an increase in online insurance applications. For obvious reasons there will be certain things that require physical evidence so these plans are not always smooth sailing to organize. The main reason for this is the requirement by insurance providers to have the applicant take a medical examination before they issue cover. Claimants also need to know that if they do make contact to their critical illness insurance provider that they will be listened to with a sympathetic ear.

Smokers are unfortunately treated as higher risk applicants; this includes anyone who has smoked within the previous year, and as a consequence they are placed in a high risk category. Insurance companies place smoking at the top of their list but other areas of your life can affect how much you pay for your premium like your age, physical health, activities you may participate in and the type of work you do. The benefits of critical illness insurance should not be underestimated as you may require surgery for a serious, life threatening condition; cannot work owing to it or are diagnosed with a terminal illness. For people that have families, there shouldn't even be a discussion about whether this type of plan should be arranged, should there?

About the Author
Francisco Segura manages http://wheelchairschoice.com/wheelchair-rental.html Wheelchair Rental