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Articles » Finance » Insurance >> View Article
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| Critical Injury Insurance |
By:
Carol Bell |
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No-one ever expects to become ill especially when they are young and healthy but planning for the day when critical illness insurance might be required is not as strange as it sounds. This type of coverage is designed to provide your family with peace of mind if anything were to happen whereby you would no longer be able to work and generate an income.
Unfortunately, despite longer lives, we are not generally healthier and insurance providers now routinely offer cover in their policies as there is a reasonably high probability of contracting a serious condition.
Studies have highlighted the problem with almost one man in five by the time they retire having a serious medical condition. Although women fare a little better with a one in six chance this does not make for pleasant reading.
It could be ignorance or just a general hatred of critical illness insurance cover that stops people from starting these plans. The most common application of critical illness cover is when it is added to a mortgage to ensure that the repayment continue irrespective of the health of the borrower.
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. Unfortunately, being a relatively new facility, there are new problems that occur as more companies start offering services over the Internet for the first time. This is because many insurance providers who offer this type of coverage wish to have the applicant take a medical examination by an independent physician to ensure there is nothing untoward right from the start. This type of situation can lead to unsympathetic communications between the company and the customer if they try to make a claim on their critical illness insurance plan.
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. While smoking is considered a serious risk to a person's health, there are other considerations that are taken into account; for instance the work or pastime may be dangerous, you may be in poor health generally or age may be against you.
Of course, no-one can underestimate just how much the financial assistance critical illness insurance can provide for a person who has a terminal illness. If you have family responsibilities then there can be no debate about the benefits of having an insurance plan set up and in place should the worst happen. |
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