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.
Everyday people risk the chance that they will not suffer a critical illness. An unpleasant truth that should be faced is that you will more likely be a victim of a critical illness than die before age 65. Statistics support this information. One out of 17 women may have at least one heart attack before her 65th birthday. Take a moment to look at the next seven women you encounter on the street; one of them is likely to battle cancer at some point in her life. Additionally, one of every 27 women could suffer from strokes. Ultimately, one of every five women is at high risk of being affected by any of these critical illnesses.
As for men, they may be more likely to suffer a heart attack or other critical illness. It is believed that the cause for this is that statistically men work more hours in stressful situations and make lifestyle choices that also increase stress levels in their lives. Here are some statistics regarding diseases among males. Almost 10%, one of eleven men, will be diagnosed with cancer before age 65. If you’re sitting in a room with seven men, one of you is likely to suffer a heart attack at some point in their life. Also consider that one of every 27 men may suffer from stroke. Making one of every four men at risk for being affected by one of these 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.
Furthermore nearly 40% of people suffering a critical illness incident such as cancer, for example, are between the ages of 35 and 54. On a positive note, modern medicine can help many of these patients survive three years or more after diagnosis and/or treatment. About 350,000 people could have suffered disability as a consequence of stroke. Of the people who are affected by this critical illness, close to 70% may survive for a year.
There are a number of ways that critical illness insurance can protect you and your family. You will be paid a tax-free lump sum payment, upon contracting a critical illness. This money will be useful in dealing with the loss of income and can be used in any number of ways. This way your family can continue to maintain their standard of life and live comfortably.
If you are going to start a family it can be an advantage to buy a critical illness insurance. By doing so, you may already have secured the financial position of your entire family from any mishap that may happen to you in the future.