What are the benefits of Critical Illness Insurance?
This kind of cover will give you a tax-free lump sum
if you have a serious illness or are too ill ever to work again.
Critical Illness cover is a very valuable kind of insurance.
It will pay out a tax-free lump sum if you contract one of the serious
illnesses listed by your Insurance Company or become “totally and
permanently disabled”. (A link to a typical list of illnesses is
shown below.)
Critical Illness insurance is not cheap, because of the
extensive cover it provides and the consequent likelihood of having to
claim. It is worth being aware of the following statistics.
- 1 in 5 men will be affected by a critical illness before
reaching retirement age.
- 1 in 6 women will be affected by a critical illness
before reaching retirement age.
- 35% of men and 46% of women with cancer survive for
5 years or more.
- 78% of those who suffer a stroke will live for more
than a year afterwards.
These important statistics show that people will often survive
for many years with a serious illness. In these circumstances, Critical
Illness insurance would help alleviate the inevitable stresses of life.
The cover may be designed to pay off your mortgage
or simply to provide you with a tax-free capital sum at a time when you
income has fallen and your living expenses may have risen sharply.
Other relevant questions…
Which illnesses qualify
as critical?
Is
combined Life Insurance and Critical Illness Insurance a good approach?
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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