What is critical illness protection?
CRITICAL ILLNESS protection is a life assurance product that is normally included with in a Pioneer life insurance policy provides benefits should an individual that is covered acquire a predefined critical illness. Critical Illness protection was included into Life Assurance products relatively recently. The argument was that an individual who became critically ill, who had been paying life assurance premiums for long periods of time, stood the chance of losing all this as a result of not being able to keep up paying the premiums as a result of a critical illness. This protection is paid out should the predefined critical illness occur on the individual, thus protecting that person against this happening as a result of a critical illness.
The types of critical illness protection covered with this assurance product generally includes but not limited to the follow: cancer, multiple sclerosis, angioplasty and heart attacks. In the United Kingdom approximately 40% of men and 70% of women die from cancer alone. The protection also covers disability if requested. Disability means that an individual is unable to work as a result of an accident or illness. Approximately 3% of women and 4% of men become permanently disabled in the UK. Where as in the Philippines the average age of death is a considerably lower it really is a must have product and everyone should have a life insurance Cebu product to fall back on if not at least to protect their families.
Critical illness insurance is the protection an individual requires to prevent further financial hardships should a potentially terminal condition occur. Fortunately we have learnt from the past where people suffered great hardships as a result of acquiring a life threatening illness or a disability.
With today’s lifestyle of smoking, drinking and no exercise, such conditions are going to increase rather than decrease. In England, Scotland and Wales the trend has been a gradual increase in heart disease over the years. This type of protection is become more and more important on daily basis as our lifestyles continue to change.
It is ironic that as we have advances with medical science and reduced the risks of other previously life threatening diseases like typhoid and dysentery, other diseases have now taken their places as a result of becoming more common. This trend is set to continue unless we as individual start to look after our health more seriously through avoiding smoking, avoiding excessive drinking, start to exercise and maintain a healthy diet.