Arranging insurance plans at a young age is hard to contemplate especially because we are living longer lives, but that does not mean we will not require protection, especially that afforded by critical health insurance. Providing financial peace of mind for your family by taking out protection for a mere few dollars each week, does not seem as important to most of us as having that luxury cup of coffee every day during lunch.
Unfortunately, despite longer lives, we are not generally healthier and insurance providers now routinely offer cover in their policies as there is a reasonably high probability of contracting a serious condition.
Research has shown that men are more likely to contract a serious condition than women with a figure of twenty percent before the age of 65. Women fair a little better with around 15 percent being diagnosed prior to retirement.
Insurance companies are of the opinion that because people do not believe it will happen to them or there is general ignorance about the subject that these could be the reasons why so few people arrange critical illness insurance for themselves. This type of policy is designed to protect those around you who you love but the primary reason why people organize critical illness cover is to ensure mortgage repayments do not lapse.
While over the last few years the amount of insurance policies arranged online has increased dramatically, not every type of policy was available but coverage for critical illness has now been added. However, this is an area which is still developing and even now, problems occur owing to the nature of the policy type trying to be arranged. The main reason for this is the requirement by insurance providers to have the applicant take a medical examination before they issue cover. A common complaint of insurance companies is that they are often insensitive to the plight of their customers and this is not the attitude you want if you are contacting them about your critical illness insurance policy.
Smokers are unfortunately treated as higher risk applicants; this includes anyone who has smoked within the previous year, and as a consequence they are placed in a high risk category. While smoking is considered a serious risk to a person’s health, there are other considerations that are taken into account; for instance the work or pastime may be dangerous, you may be in poor health generally or age may be against you.
While critical illness insurance will not cure a person, the financial help it provides to a person who has a terminal illness cannot be dismissed. If you have family responsibilities then there can be no debate about the benefits of having an insurance plan set up and in place should the worst happen.
Author: Dumo MasekoThis author has published 2 articles so far.