Some people laugh at those who diligently pay their insurance premiums – be it for their health, car or home. However, it’s those same people that suffer catastrophically when an unforeseen event occurs. While we are all trying to find ways to cut our outgoings at the moment, not having insurance is a real gamble.

A good example of this is critical illness insurance: while no-one wants to think that they might ever be diagnosed with such an illness, the fact remains that many millions of people are affected by cancer, Parkinson’s disease, Alzheimer’s, organ failure or paralysis every year. Rather than stick your head in the sand in denial, it’s pertinent to remember that the cost of treatment could wipe out a lifetime of savings.

As such, here are a few reasons why you ought to consider critical illness insurance…

Financial implications

Way back in 1987, the ‘Dread Disease’ policy hit the Life Assurance industry and resonated with insurers. Its aim was to provide financial assistance to those undergoing treatment for a critical illness. Though it’s evolved over time, its purpose remains: to ensure that policy-holders have funds to help pay for care and recuperation equipment. What’s more, an illness of this sort might necessitate an entire lifestyle change due to the inability to work; critical illness insurance can help pay for this and compensate for lost earnings.

Protect the family

Some people may liken purchasing critical illness insurance to looking at their own mortality, but they should really consider it a responsible measure taken in the family’s interests. Heaven forbid you should be affected by a critical illness, but in the event you were, you may find you are unable to support your family, paying the mortgage, bills, etc. Insurance would make sure, as above, that your family can function financially and not be burdened by money worries when they would rather concentrate on your well-being.

Extras

Some critical insurance policies offer added extras to provide even greater assurance of your financial stability. These might include accidental death, children’s cover and total permanent disability cover, should you become dependent on another person. Other policies may also pay out for heart attacks or stroke. Effectively, these ’bolt-ons’ serve to protect your family even more.

Premiums aren’t as expensive as you think

Contrary to belief, critical illness insurance does not cost that much money, often well under £10 per month. When you think about how much you might spend on the weekly family food shopping, of simply downloading a couple of CDs, insurance premiums suddenly seem a lot more reasonable, yes? There’s almost no excuse to say no.

Ultimately, having critical illness insurance provides peace of mind that should the unthinkable happen, you and your family will be able to cope with the financial implications. Surely that’s the least you can do for your loved ones.

The post Why do I need critical illness insurance? appeared first on Co-op Insurance NZ.

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