Critical Illness Cover Factors

by : Mike Armstrong

The ABI had stipulated that premiums concerning critical illness cover may be settled either monthly or annually. But this may actually depend upon the deal made at first with the insurance company before signing the contract. One must think carefully about which option to choose. Either option might be effective. However, the annual premium payment may become a burden to those who earn less. When this accumulates, the sum might appear huge to pay at once.

Critical illness may have been the root of either death or disability worldwide. Therefore, critical illness insurance makes its way rightly into people’s lives these days. Some people may be aware about the numerous advantages of critical illness insurance while some may not. Researches may show that the amount of people looking to buy critical illness cover may be increasing as critical illness rates may have also increased. As an example, according to the Multiple Sclerosis Society 2002, around 85,000 people may have been patients of this critical illness.

Let’s have a look at Alzheimer’s disease.

As mentioned by the Alzheimer’s society 2002, around 700,000 people may be suffering from a critical illness such as dementia. Further studies about the issue may confirm that if the disease follows the same trend, then the year 2010 may show around 850,000 Alzheimer’s patients. Following the high number of people falling critically ill due to this disease, critical illness cover might have played a considerable part in accounting for medical expenses.

Additionally, you may be eligible to get critical illness cover if you are aged 18-60. Your health status may be the deciding factor for you to have a critical illness cover. Should you be in good health, your insurers may more likely award you cover under critical illness insurance. Your insurers may as well offer you the option of buying out a joint critical illness policy. The joint account may provide protection to both members of the account simultaneously. On occurrence of a critical illness of any one member, a lump sum may be paid and the policy may cease.

In addition, some insurance companies may also allow you to improve your critical illness cover. This may become useful during periods of inflation or when you are on the verge of forming a family. So, your premium payments may also increase due to the changing type of the critical illness cover. In addition, other options may also exist. Other companies may give you the right to broaden the cover at any time so that you get more benefits. As a matter of fact you could be required to produce up to date information about your health before you are entitled to receive the extra cover or not.

Looking at the Alzheimer’s disease we could notice the relative high incidence rate at which this critical illness occur in the UK. On top of that, the amount of victims that this critical illness may now represent may have been predicted to even increase in the coming years. Remains to be seen what medical treatment can do about this critical illness.