Should I Save The Money I Have Or Spend It On Critical Illness Cover?

As there has already been a dip in the economy over the past few years people are unsure of what to next and what is best for their circumstances

. Before the economic dip people may have had some level of savings for such an event however more often than not we are now finding ourselves in a position where we are struggling to break even on a month to month basis. Therefore if we were to face a double dip in the market today, should people try and get some money behind them or spend a certain amount per month to protect them if they were unable to work and therefore struggle to pay the monthly bills. Either way is not what anyone wants to think of however it has become a way of life for a large proportion of people within the UK.

It is hard to think that something like this would ever happen to us however we should consider financial protection such as critical illness cover as on option as we may need it at some point in the future and would be glad to have taken it out. Taking out critical illness cover means that if you were to be diagnosed with a critical illness and your claim were to be approved then you may receive either a full or partial payout from your insurance. However others may want to save their money so that if they needed it, it was there when needed however no matter how hard someone may try and save their money it may never reach the amount that could be paid out by the insurance provider.

The number of people who may suffer from a financial loss is on the increase every year, as most people would admit that if they were to loose their job or where unable to work due to suffering a critical illness then they would not know how they would cope on a month to month basis. For younger people this may not seem as important as they may not have the financial commitments such as having to pay a mortgage or rent in order to keep a roof over their heads. As people do not know what to do for the best, they may want to look at getting advice from an adviser who would be able to help.

It does not cost anyone to look at how much it would cost to take out such insurance, and so you could then make an informed decision as to whether or not you felt the money would be worth it in the long term. It is easy to believe that keeping every penny you have will help you if needs be in the future however what if it became more serious and you were diagnosed with an illness that meant you may not be able to return to work for the foreseeable and therefore not receive an income. People may only consider critical illness cover to cover their mortgage, however although this may be an outstanding liability even if you do not have a mortgage there is still the everyday bills that need to be paid for in such an event.

Critical illness cover is not an insurance which you are then committed to, because if you feel that your circumstances have changed and you felt you would rather save the money or had subsequently become financially secure then you could cancel the plan. However there are other advantages to such a plan that should be considered such as childrens cover. This is typically included in most contracts and so if you had a child under the age of 18, they would be covered for a number of illnesses and again a payout could be made and your plan would still stay live if you were to then suffer an illness at some point in the future. The only stipulations are that you are either the parent of, legal guardian or have legally adopted the child.

by: Clement Divin

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