Is It Imperative To Have Critical Illness Cover?

Critical illness insurance has become one of the most rapidly growing forms of insurance available today. According to, critical illness insurance may have over 1 million of policies sold in the UK in the year 2002. This type of insurance was developed as medical improvements enabled people to survive a critical illness that could not have been treated long ago.

Most people gamble with the fact that they may not fall prey to a critical illness. This fact stays as a bitter truth which reveals that someone is more probable to fall critically ill than to die before the age of 65. However statistics do confirm this fact. 1 out of 17 women may suffer from a heart attack before reaching the age of 65. Similarly, 1 out of 7 women may contract cancer. Also, 1 out of 27 women could be diagnosed with stroke and 1 out of 5 women is more likely to suffer from any one of these critical illnesses.

Moreover, men may have a higher risk of getting a critical illness such as heart attack. The reason is that most men may have started working longer hours thus leading to a stressful environment and lifestyle. Here are some figures concerning diseases among men. 1 out of every 11 men may contract cancer before reaching the age of 65. Similarly, 1 out of 7 men is more likely to suffer from heart attack. Furthermore, 1 out of 27 men may be diagnosed with stroke and finally 1 out of 4 men could have suffered any one of these diseases.

Critical illness insurance may pay you out a tax free lump sum when you are diagnosed with a critical illness met by your insurance’s policy definitions. For lump sums to be obtained hassle free, you should read your critical illness policy documents with much attention to know exactly the range of diseases covered before you sign the agreement. Let’s have a look at some recent statistics. According to, 80 percent of men and women aged between 40 to 45 may survive a critical illness such as heart attack. Out of these around 50 percent may still be alive ten years later.

Additionally, around two fifths of patients diagnosed with a critical illness such as cancer may be aged between 35 to 54. The encouraging fact is that all of them may survive three years after diagnosis or treatment. Also, around 350,000 people could have been disabled at any one time due to stroke. Almost 70 percent of victims who suffered this critical illness may survive for one year.

Critical illness insurance may protect you as well as your family in a variety of ways. Should you happen to contract a critical illness such as heart attack in the future, critical illness insurance may award you a tax free lump sum. This money can be used to pay your mortgage, alleviate financial pressures due to loss of income and hence cover at least part of debts that may remain. Thus your family could continue living the way they always did.

If you are going to start a family it can be an advantage to buy a critical illness insurance. By doing so, you may already have secured the financial position of your entire family from any mishap that may happen to you in the future.