At this time, the demand for critical illness insurance has made it the fastest growing segment of the insurance industry. Tiscali.Money has stated that in excess of 1 million critical illness insurance policies have been issued in the United Kingdom for 2002. Critical illness insurance was designed to help those who survive a critical illness with modern care that they might not have survived in the past.
Most people take the risk, hoping they will not suffer from a serious illness. Unfortunately, you are more likely to die of a critical illness before the age of 65. Statistics show that one out of 17 women under the age of 65 will suffer a heart attack. In addition, about one in seven females will develop some form of cancer. One in 27 women will suffer a stroke, and one in five women will suffer from other critical illnesses.
Men statistically, are at a higher risk for serious illnesses like a heart attack. Longer work hours and an overall stressful lifestyle are the main contributing factors. The statistics show that men have a one in 11 chance of contracting cancer before reaching 65 years of age. In addition, about one in seven men will experience a heart attack. Roughly 3% of all men will suffer from a stroke during their lifetimes, and 25% of all men will be stricken by other serious conditions.
Critical illness insurance may pay you out a tax free lump sum when you are diagnosed with a critical illness met by your insurances 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. Lets have a look at some recent statistics. According to tiscali.money, 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.
About 40% of all patients diagnosed with serious illnesses, like cancer, are between 35 and 54 years of age. The good news is that all of them may live up to three years after diagnosis or treatment. It has been estimated that approximately 350,000 people are suffering from the debilitating effects of a stroke at any particular time. This is a terrible illness and almost 70% of its victims survive for at least one year.
There are a number of ways that critical illness insurance protects you, your family, and their lifestyle. While your critical illness insurance policy is in effect, should you have an incident of critical illness, for example a heart attack, then the critical illness insurance pays out a tax free lump sum. You can use the money to pay your mortgage, pay off some of your remaining debts, and reduce the financial strain of being without an income. In this manner your family is able to maintain the same lifestyle as before.
Buying critical illness insurance can be advantageous if you are planning to start a family. Taking this action is a step in the right direction of solidifying your family’s financial future against any mishap that might occur.