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Critical
Illness Insurance (cont)
Also state benefits may
not meet the level of salary you were receiving. Then there are
extra costs, which you may not have budgeted for. You may also need
to make adjustments to your home, for example, installing a chair
lift or moving a bathroom downstairs. You may need to pay for help
in the home. All this costs money you may not have spare from your
income.
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Critical
Illness Insurance
Who should buy critical illness? If you are single,
without dependants you may feel cover is unnecessary, but in a
way it is more important to you than life assurance. If you
become seriously ill, who will support you? Life assurance, is
only of use to dependants when you die. If you are the family
breadwinner, you will need to make some provision to feed,
clothe and house your family if you are unable to work. It is an
irony that you’re surviving a serious illness may put them in a
worse position financially than if you were not to survive. Even
if there is more than one income coming in to your household, your
lifestyle will reflect those incomes and will be affected if one
income were to disappear or reduce.
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quote... |
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Permanent Total
Disability is intended as a cover-all clause, provided your
disability is permanent. However, providers of critical illness
policies have three definitions to choose from, Inability to do any
occupation; Inability to do your own occupation, or any occupation
to which you are suited, with your education and training taken into
account;Inability to perform your own occupation. Some policies will
only pay out if you cannot perform any occupation, while others will
allow a claim if you are unable to perform even a part of your
occupation.
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quote... |
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