Now a days, a simple life insurance policy is not enough for many individuals due to the occurrence of critical illnesses arising within populations. You may not have a critical illness at present, but what happens if you develop one in the near future?Many people are taking this problem very seriously, & this has been demonstrated with an increase in life insurance policies with critical cover by 31% between the years of 2001 & 2003.Critical life cover is to a certain extent covering an individual in the event development of an illness. It allows for them to resort a tax free lump sum upon distinction of an illness. Many illnesses are covered by the majority insurance companies with varied terms & conditions. Such Critical illnesses covered include Alzheimer’s disease, cancer & kidney, liver, heart problems et cetera.
Who should have a critical illness policy?That question has several answers, & many individuals will tackle it differently. Some may think because there is no history of illness within the family tree that they wont get one, thus abandon the thought of a policy. The problem is, everyone is susceptible, although not everyone will develop one. In my opinion, everyone should have this type of cover, as once an illness develops, you will inevitably need money for medical costs, mortgage payments if your out of a job & general living costs.This generally means that not only will you be able to provide for yourself, but your beneficiaries will also be looked after such as your family. Another great aspect of critical cover is that your children can also be named on the policy. Lets face facts, if your child develops an illness, you want the best treatment & care available. It also allows you to take time of work & still have good living expenses for everyday life.Article Source: http://EzineArticles.com/2107366
