What exactly is Critical Illness Insurance And Do I want It?

This post will go some way to explaining what precisely critical illness insurance is whenever and how it can be used and whether or not you really need it as part of your overall financial preparing.

A lot of people are fully aware of life insurance and quite a few of them already are conscious of the fact that they need some sort of life insurance included in good financial planning. This is not minimum when they have a mortgage or a mortgage to insure. That said considerably fewer of them are aware of critical illness insurance policy let alone the important role it can actually play in good financial preparing.

Critical illness insurance is unique within so much as it is a type of insurance that may and is added as an additional benefit but can also be taken out as a standalone contract in its own right. The purpose of this type of benefit is to pay out the sum assured should the insured individual suffer one of a range of critical health problems, such as heart attack, stroke, cancer, major organ transplant and many more.

The important thing about this type of insurance is the fact that payout is not really dictated by any outcome of the problem. It is purely dictated by the undeniable fact that you suffered the condition in the first place. This means that should one of the worst things really happen such as you suffering cardiovascular attack, then the benefit will pay out and this is regardless of the fact that you can create a full recovery, which is something that does happen quite frequently nowadays, especially with modern day medical advancements.

So quite a valuable benefit to have, as a standalone plan, but also as an additional advantage on any other type of life insurance. What exactly plans can you have it added to? You can have it on level term insurance plan you can add it to whole associated with life assurance and most notably you can add it to mortgage protection.

It really is mortgage protection or mortgage life insurance coverage where this type of benefit is most valuable. You can have a mortgage and, should you perish you would want it to be repaid of course , but not many people give very little thought to what would happen if they do not die. Lets say you have a heart attack and also you don’t die you have to convalesce intended for e few months with no income being released in. It is this very reason why critical illness insurance is so valuable. Much more sure that debts are taken care of hence ensuring you the peace to recover without the stress of worrying about were money is going to come from.

Over and above mortgage life insurance critical illness cover has a slight rich mans reputation. That’s to say that people only take it out if they really can afford it and many find other activities that require money be spent rather than critical illness cover. This is a pity as within your normal situation this type of cover is most valuable, once the loans are paid off additional money can be a massive benefit, maybe to adapt a house or even to take you on a planet cruise, I probably don’t need to show you how to spend it but I am sure you get the picture.

So to summarise critical illness insurance is a best benefit, some see it as more beneficial than life cover as the benefit can be actually available before you perish. That said at the very least mortgage and other loans should have the benefit of this type of cover and beyond that it is strongly recommended, but only you can truly decide whether you can afford it.
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But confer with your life insurance broker as they will be able to suggest the right product for you with the correct level of cover and make sure you are usually adequately protected.

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