{"id":5206,"date":"2020-01-28T08:00:05","date_gmt":"2020-01-28T00:00:05","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=5206"},"modified":"2022-06-27T19:29:46","modified_gmt":"2022-06-27T11:29:46","slug":"do-you-really-need-critical-illness-insurance","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-you-really-need-critical-illness-insurance\/","title":{"rendered":"Do You Really Need Critical Illness Insurance?"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">So you already pay health insurance, life insurance, home insurance, car insurance, and travel insurance. Do you really need to spend more of your hard-earned cash on yet another type of insurance, such as critical illness insurance?<\/p>\n<p>I get why many people think critical illness is one kind of insurance cover they can live without, but I&#8217;ve also seen the devastating consequences when things go wrong and people don&#8217;t have it. Personally, I like the peace of mind it brings, and I am willing to pay the \u2013 relatively low \u2013 cost to have that peace of mind.<\/p>\n<p>Whether or not to take out critical illness insurance is a decision that each of us needs to make in the context of our global financial planning, and you can only do that by weighing up the pros and cons. With that in mind, this blog is intended to provide useful information to help you decide whether you should take out critical illness cover.<\/p>\n<p>If you have critical illness insurance cover, you will receive a cash lump sum if you suffer from any of the illnesses listed on your policy. The number of conditions covered can vary from anywhere between around 10 and 100, but usually, there are around 40 different illnesses, including &#8216;the big three,&#8217; i.e., the most common \u2013 cancer, heart attack, and strokes \u2013 but also diseases such as organ failure, multiple sclerosis, Parkinson&#8217;s disease, motor neuron disease or permanent loss of sight or hearing.<\/p>\n<p>If you do find yourself seriously ill, you will probably be unable to work, at least temporarily, and a lump sum insurance payout can be a valuable lifeline to help keep your family afloat when you are unable to earn because you can be sure that the bills will continue to roll in!<\/p>\n<p>The cash can be used to pay off a mortgage, cover ongoing bills, including school fees, or make any changes to your home if you have to cope with a disability. Whatever it is used for, a cash injection relieves the financial pressure, which is often an inevitable consequence of serious illness.<\/p>\n<p>The reason I choose to have critical illness insurance is that I don&#8217;t have a crystal ball to tell me how my future is going to pan out. I am in perfect health and hope to be for many years to come, but I have also seen devastating illnesses strike young and healthy individuals just like me. With a wife and small child to support, I feel better knowing that I have a financial provision in place, whatever the future holds for me.<\/p>\n<p>Here are some of the statistics which have influenced my decision, bearing in mind that the vast majority of critical illness payouts are for cancer, heart attack, and stroke:<\/p>\n<ul>\n<li>The risk of many critical illnesses is rising throughout the world, and this affects thousands of people of working age.<\/li>\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/cancerresearchuk.org\/about-us\/cancer-news\/press-release\/2015-02-04-1-in-2-people-in-the-uk-will-get-cancer\" target=\"_blank\" rel=\"noopener noreferrer\"><u>1 in 2 of us will get cancer in our lifetime<\/u><\/a>, and while over 60% of cancer cases are diagnosed in those over 65s, that still leaves 40%, affecting those under the age of 65.<\/li>\n<li>Heart attacks are becoming more common in younger people. A recent study revealed that\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/heart.org\/en\/news\/2018\/11\/12\/heart-attacks-are-becoming-more-common-in-younger-people-especially-women\" target=\"_blank\" rel=\"noopener noreferrer\"><u>30% of heart attack patients in the US<\/u><\/a>\u00a0are aged between 35 and 54.<\/li>\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/nhs.uk\/news\/neurology\/global-stats-show-rise-in-strokes-in-younger-people\" target=\"_blank\" rel=\"noopener noreferrer\"><u>A third of strokes in the UK<\/u><\/a>\u00a0strike those aged between 20 and 64.<\/li>\n<li>There are over\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/alzheimers.org.uk\/about-us\/news-and-media\/facts-media\" target=\"_blank\" rel=\"noopener noreferrer\"><u>42,000 people under 65 with dementia<\/u><\/a>\u00a0in the UK.<\/li>\n<\/ul>\n<p>What is particularly striking with all these facts and figures is that diseases that we think of as the preserve of the elderly are increasingly affecting younger people, most of whom will be working and supporting families.<\/p>\n<p>Knowing that if I am unfortunate enough to suffer from any of these illnesses, I will have financial support to get my family and me back on my feet is well worth the monthly premium that I pay.<\/p>\n<p>If you think it might be time to get your family covered, I can help find the right policy for you. Policies vary from one insurer to the next, and each insurer will have different definitions and thresholds for how serious an illness has to be before a claim is honoured, so it is worth shopping around and reading the small print. Contact me (<a href=\"mailto:bmulder@infinitysolutions.com\" target=\"_blank\" rel=\"noopener noreferrer\"><u>bmulder@infinitysolutions.com<\/u><\/a>) for a chat about how to protect your family in the case of critical illness. The peace of mind it will give you really is priceless.<\/p>\n<h2>Critical Illness Insurance Pros &amp; Cons<\/h2>\n<p>As time passes, life and lifestyles are becoming increasingly more sedentary. This statement is confirmed by the rising prevalence of critical illnesses amongst the general population. With medical expenses costing a fortune in our modern time, having critical illness cover is imperative for you and potentially your family members as well.<\/p>\n<p>The unpredictable nature of life dictates that it is extremely beneficial to have a form of financial support for you and your family that far surpasses what you may have managed to save.<\/p>\n<p>Critical illness plans are the ultimate safety net to help you keep your head above water and mitigate your financial burden during financially challenging times. Although basic health insurance is a productive step in the right direction, the best critical illness insurance plans ensure that you don&#8217;t have to drain even a fraction of your savings when tragedy strikes.<\/p>\n<p>Let&#8217;s consider the pros and cons of critical illness cover and the essence of a critical illness insurance plan so you can navigate whether such financial protection is something that could potentially save you from bankruptcy in the future.<\/p>\n<p><strong>What Does a Typical Critical Illness Insurance Policy Entail?<\/strong><\/p>\n<p>Critical illness insurance is often deemed as being synonymous with health insurance, with just a few factors distinguishing the two policies. A health insurance policy covers a particular set of medical expenses but does involve some exclusions. Conversely, critical illness policies involve a list of specific illnesses covered by the fund.<\/p>\n<p>Every critical illness policy will cover differing critical illnesses, so it is worth speaking to a critical illness insurance expert to determine which policy will be best suited for you based on your specific circumstances and illnesses you are most prone to developing.<\/p>\n<p>For example, if there is a history of coronary artery disease, renal failure, or liver degeneration in your family, critical illness insurance policies that cover the expenses associated with such diseases would be the best fit for you.<\/p>\n<p>Before getting into the benefits and disadvantages of critical illness insurance policies, let&#8217;s explore some of the general terms used in the industry to better understand critical illness cover.<\/p>\n<h5>The list of critical illnesses covered<\/h5>\n<p>This includes a set list of all the critical diseases&#8217; medical expenses that the policy will cover.<\/p>\n<h5>Claim filing procedures<\/h5>\n<p>This refers to the process of filing for a claim and navigating the payout options of the claim. For instance, you may prefer to receive a lump sum payout, staggered payments, or a combination of both under your critical illness cover.<\/p>\n<h5>Renewal benefits<\/h5>\n<p>Renewal benefits refer to the existing or additional benefits you will receive from your critical illness policy when you renew it.<\/p>\n<h5><strong>Age eligibility<\/strong><\/h5>\n<p>The age at which you will be eligible to take out a critical illness insurance policy.<\/p>\n<h3><strong>The Pros of Critical Illness Insurance:\u00a0\u00a0<\/strong><\/h3>\n<ul>\n<li>Critical illness cover payouts are typically not subject to taxes, according to the Income Tax Act.<\/li>\n<li>Critical illness cover can facilitate paying off particular medical expenses for a set list of critical illnesses. Therefore, if you are diagnosed with a serious illness and you meet all the criteria of the policy, you can receive your payout to cover expenses relating to the disease.<\/li>\n<li>Critical illness policies often offer more substantial coverage for lower premiums than other health insurance plans because they cover more specific illnesses than other plans.<\/li>\n<li>A critical illness policy typically covers treatment for particular illnesses in other countries as well, meaning that if you need to travel to a different country for adequate medical treatment, the policy will still cover the medical expenses.<\/li>\n<\/ul>\n<h3>The Cons of Critical Illness Insurance:<\/h3>\n<ul>\n<li>The most significant con of critical illness cover is that you will only be eligible to receive a payout if you are diagnosed with a particular disease by a doctor. This means that a doctor has to confirm that you are critically ill with a life-threatening disease for you to be able to receive any payment on expenses.<\/li>\n<li>Insurers limitedly define any critical illnesses. Therefore, you are not guaranteed to receive the sum insured, regardless of whether or not you are diagnosed with a particular illness covered by the policy.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>It is essential that you carefully investigate the terms and conditions of a critical illness plan for you or a family member before committing to the policy. Ensure that you comprehend the exclusions, exceptions, and limitations of a few plans in order to determine the right cover for your individual circumstances.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So you already pay health insurance, life insurance, home insurance, car insurance, and travel insurance. Do you really need to spend more of your hard-earned cash on yet another type of insurance, such as critical illness insurance? I get why many people think critical illness is one kind of insurance cover they can live without,&hellip;<\/p>\n","protected":false},"author":21,"featured_media":5207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[3],"tags":[],"class_list":["post-5206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-3","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do You Really Need Critical Illness Insurance? | Infinity Financial Solutions<\/title>\n<meta name=\"description\" content=\"Do you really\u00a0need to spend more of your hard-earned cash on yet another type of insurance such as critical illness insurance?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-you-really-need-critical-illness-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do You Really Need Critical Illness Insurance? 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