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The positive side to Critical Illness Insurance
The positive side to Critical Illness Insurance
Although available in the UK now for over a decade, critical illness insurance policies are still not widely known of or recognised for their beneficial properties. Discover the benefits of a good policy today.
Wetherby,
West Yorkshire,
United Kingdom
(pr4links.com)
29/03/2011
Undoubtedly the number of insurance policy types has grown over the last 20 years here in the UK. Now Britons can find a whole range of tailored insurance services for a variety of purposes as more markets open up to tend to the growing needs of the population. Critical illness insurance is becoming more popular but has still some way to go yet to gain the same coverage as life insurance policies. Different in a number of ways than life insurance, critical illness insurance is paid out to the policy holder whilst they are alive whereas life insurance pays out after the policy holder is deceased.
Both policy types do however have similarities in the way that they pay out a lump sum tax free cash amount on successful claims. The proceeds can be used for any purpose that the policy holder or the beneficiary sees fit although with critical illness cover the money goes to benefitting the policy holder, even if they choose to use the money to pay off the mortgage or as inheritance to their next of kin and family members. So, showing here there are a number of good positive benefits to the whole concept of critical illness insurance, predominantly the fact that there is affordable cover available as the number of critical illness cases is slowly on the increase.
There are roughly now approximately 150 classed critical illnesses with around a dozen core illnesses including heart attacks and strokes amongst others. In the early days there were far fewer illnesses recognised and classed as being critical, however as the years move on more have been added to offer a variety of cover as many more mental illnesses are being classed as critical too. This type of protection is beneficial as the increased popularity sees more individuals discovering the protective cover that a critical illness insurance plan can provide.
With many options to choose from to ensure that policy holders receive a bespoke and highly customised service to offer the right cover, taking a critical illness insurance policy out can have great benefits and a valuable positive side. Giving the policy holder the protection to pay a tax free cash lump sum in the event of a successful claim, many can breathe a sigh of relief that their finances can be covered if they develop a critical illness.