Why Should I Apply for Critical Illness Coverage?

critical illness

Statistics have shown that around 20% of all men suffer from a critical illness before the average retirement age of 65. It also shows that around 16% of women will suffer a critical illness before the same age. Critical illness is much more common today than in precedent years. Critical illness experts have concluded that the average age for a critical illness claimant is 47.

Many people with good health believe that the reports that are heard about critical illness can never happen to them. While we hope this is true, we must look at the picture realistically.http://www.brokerservicenetwork.com/critical-illness-insurance-cover/

What the Statistics Say:

• Around 1 in 3 men and 1 in 2 women that have contracted cancer will live for at least 5 years after the date of diagnosis.
• Almost 80% of those suffering from a stroke will live for over 1 year after the incident.
• 20% of men and 16% of women will fall critically ill before the age of 65

After carefully reviewing the statistics, we can see that these are very clear risks that most wouldn’t want to ignore.

When critical illnesses hit, medical expenses, transportation to the treatment center, other expenses, as well as burial expenses can amount to a small fortune. One estimated funeral arrangement costs a family nearly £9,000. Of course funeral arrangements can be obtained cheaper, but still the cost can become a burden to families that are scraping just to feed their families. The best solution then is to say that “yes it can happen to me, and I have the coverage I need when the inevitable financial obligations hit my family”. Critical illness coverage can provide your family complete peace of mind when times are hard.

critical illness

You and your family get a tax-free sum of money in case you are diagnosed with a serious, chronic or terminal illness, which must be contained within the insured items on your policy documents. Also, we can take a look at another example to help you understand and consider critical insurance coverage. Let’s say that you are driving and you know you are a good driver. Do you know what other drivers are capable of? What if you are in an accident and it is not your fault? Do you have coverage? Or, what if you fall victim to a burglary and the burglar hurts you in a way that you are injured permanently? We can look at all these potential risks that we certainly hope never come true, but statistics show that at any given moment an accident/incident can occur.

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