Many People Are Ignoring The Need For Critical Illness Cover

Critical illness cover pays out a lump sum should the assured be diagnosed with a qualifying critical illness during the term of the policy. Typically the policy covers illnesses such as cancer, heart attack, stroke, paralysis and total permanent disability, though the specific definition of illness covered by the provider and number of illnesses varies from insurance company to insurance company.

In a recent study by Scottish Provident it was found that only one in five people (20 per cent) have taken out Critical illness cover.

Despite a recent string of high-profile illnesses, including the death of reality TV celebrity Jade Goody from cervical cancer, most people still believe that they will not become ill enough to miss six months from work or require protection.

Worryingly, more than a third (34 per cent) of people who expressed a belief on the matter was of the opinion that the odds are one in 100 of them becoming critically ill.

"With the growing gap between the income they enjoy and the protection they are prepared to buy, it is surely clear that the 'High Wire' generation are setting themselves up for a nasty fall," Scottish Provident said.

Last month, insurance giant Swiss Re published figures for the UK life market indicating that sales of critical illness policies fell by 4.7 per cent to 511,045 in 2008.

Where can I find out more about critical illness cover?
There are many different types of critical illness cover from stand alone policies to life insurance policies with critical illness as a rider benefit. To find out more information on critical illness cover you can visit one of the many online life insurance comparison websites.

Many of these have detailed information on the different types of policy available and will allow you to obtain online quotes for critical illness insurance. If you choose to do this yourself online it is important to check the providers key facts document to see what you are covered for as some polices may not cover you for the illness that most concerns you. An example of this is that some polices provide Childs benefit whereby they will pay out a lump sum should one of your children suffer a critical illness as part of your premium, but know all do.

Alternatively you can speak to an independent financial advisor you will be able to provide you detailed advice and recommendations. Many advisors these days offer phone and email based financial advice so you do not have to have them in your home and feel pressured to make a decision on the spot.

About the Author:
Jason Haines is a protection and mortgage advisor at godirect.co.uk, one of the UK's most trusted information site about personal finance. They have details of the latest deals on mortgages online and some of the life insurance online buys on the web.

Article Originally Published On: http://www.articlesnatch.com

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