If you didn’t already realise that life often serves you the unexpected, then you definitely knew that was the case after the coronavirus pandemic struck the world. The fact of the matter is that a critical illness could hit anyone, at any time. Even though many people feel something like that would never happen to them, unfortunately, the statistics prove otherwise.
This does not constitute advice and advice should be sought in all instances before acting on it.
Critical Illness Overview
Critical Illness Cover (CIC) is a long-term insurance policy that provides a tax-free payment, in the form of a lump sum, if you are diagnosed with one of the illnesses covered in your policy document.
The money you receive can help pay for your mortgage, rent, debts, groceries, or even alterations to your home to accommodate new medical needs, if necessary.
Of course, no one likes to think about what would happen if they were to suddenly be diagnosed with a serious condition, but if you have secured an insurance policy for this exact scenario, you’ll have one less thing to worry about.
Top 3 Critical Illnesses
All CIC policies will cover cancer, heart attack, and stroke, as well as other life threatening or potentially debilitating, but not necessarily fatal conditions. Let’s take a look at some of the most common illnesses involved in Critical Illness claims.
It may or may not come as a surprise to you, but according to CriticalIllness.org, cancer is the top condition that insurance companies pay out for, coming in at a massive 60% of all paid out claims. The UK Office of National Statistics (ONS) backs this up, with approximately 320,000 cases of diagnoses reported each year from 2008 to 2010. The most commonly diagnosed kinds of cancer were breast, prostrate, lung, and colorectal cancer. Ensure your policy covers as many types as possible for full peace of mind.
Heart attacks are the next most-claimed conditions, making up 16% of claims. There are usually stipulations that come with a heart attack claim, so be sure to check your policy before making a claim. Heart attacks disproportionately affect men, as well, so that’s something to keep in mind.
Rounding out the top three critical illnesses is a stroke, making up to 6% of claims. The ONS backs this up with a reported 400 people per day suffering from a stroke. Most affected are men over the age of 65, but a stroke can happen to anyone at any point in their life.
Working with an independent financial adviser is crucial to ensure you have comprehensive cover that could help provide peace of mind for a hard-working dental or medical professional. Call us today to get started on your wealth protection plan.