Critical Illness cover for security

Wed, 03 Oct 2007

Most people choose life insurance to give themselves peace of mind that their family or dependants will be provided for in the event of a death. However, in the case of an illness, critical illness insurance is the one route to total security.

Health is radically important, and protecting oneself from becoming ill using private medical insurance is one thing. However, to guarantee financial security, critical illness cover is designed to pay out of the policyholder falls ill and cannot work.

Many insurance companies offer critical illness cover as part of a mortgage protection or life insurance policy, although cover may not be as extensive as with a separate policy. Usually, policies of this type apply a three-month wait before a claim can be made.

Data indicates that about 25 per cent of women and 20 per cent of men are affected by a critical illness before they reach retirement age. As with all forms of insurance, shopping around guarantees the cheapest cover.
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