Critical illness insurance can act as a fantastic safety net for people who would like added peace of mind that they’re protected financially should they become too ill to work – especially if they’re self-employed and operate away from traditional working environments.

It can even be crucial for those that run their own small business or who are key figures within the enterprise. Should an essential cog in the business be affected by a serious illness at some point in their life, the benefits of a bespoke critical illness insurance policy can help to soften the blow felt by the loss in a number of ways until they’re back on their feet.

Why it’s so important to consider critical illness insurance

For those with families who have bills to pay, bear the brunt of the household income, are self-employed or other, it makes sense to consider critical illness insurance. Though a life insurance policy is able to help families cope financially in the worst-case scenario, being subject to a long-term illness that affects your earnings potential can seriously affect your ability to pay the bills if no back-up is in place.

Here’s another reason why it’s worth considering; according to data from the Association of British Insurers (ABI), 92.2% of critical illness claims were paid out over 2016 with the average pay out hitting the £68,000 mark.

Critical illness cover gives working professionals greater assurance

The pay out rate for critical illness policies is very high indeed. The biggest reason that claims are turned down is simply due to non-disclosure, and the insurer finding an aspect of the claimant’s medical history that wasn’t disclosed during the application process.

At a time when wage growth isn’t the best in the United Kingdom and interest rates are low, it may be that a lot of professionals out there simply don’t have the savings to cope should they fall victim to an accident or be forced to stop work due to some other critical medical reason.

Our consultants at Oportfolio are committed to working with our customers not only to help them find a policy most suitable for their needs and overall situation, but to find them cover that’s affordable and in line with their current financial state and budget.

If you’re interested in critical illness cover and would like to learn more about finding the right policy for you, contact Oportfolio’s consultants today to find out more.

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