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Having the right exact critical illness cover is more essential than you think
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Posted On :
Feb-14-2011
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Article Word Count :
457
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In this day and age, ensuring that you have the right critical illness insurance can often be misleading or tricky to fathom. Find some helpful guidance from the following article.
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Critical illness cover is steadily becoming more popular and recognised within the UK after being available for almost 20 years. With more focus on the importance for individuals to consider some form of insurance cover in the event that they are no longer able to earn an income, especially if faced with a critical illness, such policies are now causing a prominent trend for a diverse selection of Britons. You see, Critical Illness cover is not quite the same as Life Insurance, yes they both pay out a tax free cash lump sum but life insurance only pays out once a death has occurred.
Not really helpful for that particular individual yet life insurance provides financial assistance for the family they leave behind. However with a critical illness insurance policy, a claimant has the chance to use the cash payout to improve their way of life, pay for treatments that can assist them, either to prolong their life or to help cure them. All in all a highly beneficial insurance policy that ensures that an individual can receive financial assistance when they need it the most.
Now, as many insurance companies and specialist insurers will inform you, there are many levels of cover to choose from. Some policies are taken out to pay Ł10,000 or so whereas there are policies that are designed to pay out Ł1,000,000. Depending on the tailored needs and requirements of certain policy holders, critical illness cover can be arranged to suit a range of budgets and claim amounts. As with any policy there is a waiting period that lasts for about a month from when a claim is first made to when it pays out. However once this period is cleared, a tax free cash lump sum is paid to the claimant to use as they see fit.
Because of the essential need for many to receive an income, whether to pay for normal living costs or to pay mortgage payments or loans, relying on the government or charity is unfortunately an option that many will not be presented with. For many that are affected with a serious critical illness, whether cancer or a stroke they could still lose their homes if repayments were not met. It is for this reason that critical illness cover is a viable and often necessary way of protecting those around you and offering a financial safety net when required the most.
Critical Illness Insurance are a well established and professional expert in the field of providing critical illness cover and have successfully assisted many individuals gain the right cover against a myriad of critical illnesses over the past decade or so. Visit criticalillness.co.uk .
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Article Source :
http://www.articleseen.com/Article_Having the right exact critical illness cover is more essential than you think_52630.aspx
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Author Resource :
Critical Illness Insurance are a well established and professional expert in the field of providing critical illness cover and have successfully assisted many individuals gain the right cover against a myriad of critical illnesses over the past decade or so.
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Keywords :
critical illness cover, critical illness insurance,
Category :
Finance
:
Insurance
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