When should you buy life and critical illness insurance?
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Written on: 05.11.2009 [09:49]
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Connor
Connor
Topic creator
Posts: 5
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I am a young woman, mid-twenties, with no current significant health problems. My mother had breast cancer in her mid-forties and skin cancer a year ago, my father has had prostate cancer, a heart attack and has diabetes. Judging by their health record, should I already be buying life and critical illness insurance? |
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Written on: 01.12.2009 [15:25]
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Wigan
Wigan
Posts: 6
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I can understand your concern for the future, considering your parents' run of bad health! Life insurance is a good idea for anyone, whether they worry about getting ill or not: it's about protecting your loved ones in the event of your death. Critical illness insurance is essentially a supplementary insurance: if you are diagnosed with a critical illness, your insurer may pay out a lump sum. I would think that in your case, critical illness insurance is a wise investment even though you are young. At a young age with no health problems, you can probably arrange fairly cheap cover, and if you do fall ill it will soften the blow, at least financially. As far as I know you can spend the pay out on anything you choose: it doesn't have to be medical treatment. At least it would give you peace of mind! |
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