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Many people very wisely
take out life insurance to ensure that their loved ones are provided for in
the event of their premature death. Fewer people however are aware of the
need for making some financial provision if they are struck down by a
serious disease.
It is probably not
something you really want to think about but the chances of your being
affected by some of the serious diseases we all dread are depressingly high
and the effect on a whole family can be very severe, financially as well as
emotionally. Many people survive for some years after suffering a heart
attack or stroke, or after the onset of cancer or other serious illness. The
costs of managing a long period of illness, often combined with the loss of
income owing to inability to work, can put a family in real financial
difficulties, just when they need them least.
If you have Critical
Illness Insurance then you pay a monthly premium and in the event that you
are diagnosed with a serious disease covered by the policy, you are paid a
one-off tax free lump sum.
You might also want to
consider this. Because medicine is progressing all the time and treatments
becoming more effective, the chances of your surviving longer with a serious
illness are improving all the time. This means that better medical treatment
actually makes it more likely that you will be able to benefit from critical
illness cover, and it is perhaps something nowadays you should see as being
as important as life insurance. |
