Life And Critical Illness Insurance

Do You Have Life And Critical Illness Insurance?

It's a fact that when it comes to insurance most people will have sufficient insurance on their car, and their house, and the contents of their house will probably be insured as well. They may even take an insurance policy on their cell phone or credit card, and yet not a lot of people will take the time to obtain life and critical illness insurance.

The Importance of Life And Critical Illness Insurance

Life and critical illness insurance has to be one of the most important insurance that you can possibly have, next to health insurance. Imagine if you were to suddenly become critically ill - you would not be able to work and, depending on how long you were ill for, you may not be paid on disability from your employer. How would your family cope without your income? How would you pay your mortgage or loans? This is a question that everyone needs to think about and yet a lot of people think that it simply will not happen to them, and do not even give life and critical illness insurance a second thought.

Imagine for example that you do not have any life and critical illness insurance, but you do have a spouse, children, and a mortgage, and suddenly you pass away. What would happen to your loved ones who are left behind? In addition to grieving, they will be wondering how they will cope without your income. They would be at risk of losing the family home and their lifestyle could change drastically (and not for the better)

Now imagine that you have obtained life and critical illness insurance, and suddenly you passed away. At least now, your loved ones can grieve in peace without worrying about what type of financial hardship they will be up against.

What Do I Need to Know Before Getting A Life And Critical Illness Insurance Policy?

Before you can take out life and critical illness insurance policy, you will be asked certain questions about your finances, including your income, mortgage, loans and any other debt. This is important information when working out how much your dependants will need in the unfortunate event of your death or critical illness. From this calculated amount, you will be given an amount you will have to pay to the insurance company each month (also known as your monthly premium).

When choosing an insurance company to obtain your life and critical illness insurance policy, be sure to do a little research into the company. For example, find out how long the company has been around for and if they've had any pattern of complaints. It is always wise to use a company that has been around for a long time and one that is well known and reputable. After all, you want the company to still be there in 30 or 40 years, should the need arise for you or your dependents to use your policy.

Although many believe that life insurance is "throwing away your money," understand that it's not for everyone. However, if having the piece of mind that you family will be financially secure under almost any condition is worth something to you, life and critical illness insurance is probably worthwhile to look into.