With up to 20% of men and 17% of women experiencing a critical illness before they reach 65 years of age, critical illness insurance is more important than it might seem at first glance. Many people believe that critical illness insurance is an unnecessary expense, but in fact, statistics like these show that it’s more likely that the average person will suffer a critical illness before the age of 65 than they are to die.
Comparing and Understanding Critical Illness Policies
With more than 60 insurance providers offering two hundred different policies, choosing the one that’s right for you can be difficult. More than anything else, getting good critical illness insurance requires very close inspection of your policy. All insurers issue what are called Key Features Documents, which allow you to compare policies fairly easily. Examine these documents closely to determine which provide the best definitions of illnesses covered and value for the money.
Perhaps the most important aspect of this is making sure you’re aware of exactly what your policy does and does not cover. This type of error is the number one reason that critical illness...
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