Around 92% of critical illness claims are paid and this rises to 96% for cancer claims.the Association of British Insurers
What does Critical Illness Insurance offer?
You know how times are hard when you are caught off guard with a serious medical condition. The most common illnesses include stroke, heart attack and liver failure. But one illnesses tends to impact individuals and families even more severely; Cancer.
Critical Illness Insurance is an insurance policy that pays out if the policyholder is diagnosed with these illnesses. In the past, horror stories about critical illness cover – with insurers refusing to pay out when a diagnosis didn’t fit the rigid terms of a policy – led to some disbelief about its value. But for those who have had to claim, the value is clear.
In the case of Cancer, figure out how it is defined
There are multiple types of cancer. For example, some policies may not cover skin cancer. You should carefully read over your limitations, exclusions and restrictions. Also consider the waiting period between when you purchase the policy and receive the benefits. Conditions don’t apply to all cases so that’s why you want to be sure to read the fine print and have a business consultant help explain everything.
Living physically but dying financially
Life-saving cancer therapy is costly and can result in financial burden for families. Financial costs for treating cancer care are traditionally assessed based on the amount of spend for diagnostic tests, hospitalisation and chemotherapy. Other costs can include travel, accommodation, out-of-pocket expenses for food and such. Remember that reduction or termination of employment for the patient can also be the case.
Imagine having to put up with all of these expenses in these exhausting times? Critical Illness protection makes sure you don’t have to worry financially, just worry about getting better.
So, how do you benefit?
Expenses when you are ill are high. To be better prepared financially, consideration should be given, especially if you have a family history of any of the illnesses mentioned above. Critical illness insurance helps alleviate financial worry in the event that you become too sick to work. It provides flexibility in that the money paid out can be used as you wish, to cover a wide range of potential needs.
As with all types of insurance, you should look at a policy that best meets your needs and situation. For a review and quote get in touch with me Anthony Paul, your business consultant.