Do I Need Insurance

A critical illness, such as a heart attack or cancer, affects 1/4 women and 1/5 men before the age of retirement. Critical illness insurance is intended to relieve the monetary pressures by awarding a tax free lump sum of money if you are suddenly diagnosed with a serious illness or if you become completely disabled. Critical illness insurance awards benefits when certain specified critical illnesses are diagnosed. The variety of illnesses which are covered has risen to over 30, though you may find that contracts will vary from one insurance provider to another. All critical illness policies generally cover seven core illnesses. These are coronary artery bypass, heart attack, cancer, major organ transplant, kidney failure, stroke and multiple sclerosis. They will also award payment if the policyholder is deemed permanently disabled because of illness or injury. Most insurance policies have cooling off period which usually consists of fourteen days, in which you can change your mind. If you get in contact with the insurance provider and cancel the policy, you should be given a full reimbursement of the payments you have made.