RSS Feed

Related Articles

Related Categories

The mistake of not looking into critical illness insurance until it’s too late

29th August 2018 Print

It seems like there’s always one extra thing to think about with regards to your job and future financial security in today’s world, and no matter how hard you might try to cover all your bases, something will always slip past. And when that something ends up being a critical mistake years later, that can easily put you in a messy situation.

Regular Insurance May Not Help

Depending on your current insurance plans, sometimes, you may simply find yourself out of luck with your current policy. This can happen for a variety of reasons, but you need to understand that critical illness tends to be treated very differently from most other types of claims, making it more challenging to get what you deserve in a case like this. What’s more, you may not even be able to get full coverage for your upcoming treatment and other changes to your lifestyle, which alone can be a huge issue in your personal life and can wreak havoc on your finances.

You Can’t Count on an Understanding Boss

You may think that you’re on good terms with your boss right now but remember – they have a boss of their own (unless you report to the company owner, obviously), and those people up on the ladder might not even be aware of your existence. If you get struck by a serious illness one day, it’s entirely possible that your boss will want to help but he/she will have their hands tied by corporate policy. Even worse, you may suddenly realize that certain people who’ve been smiling in your face all this time weren’t really all that friendly towards you.

This could include your boss who you trust, so don’t be surprised if one day you find yourself with completely no sympathy from anyone in the organization. And if things get to that, you only have your own resources to rely on. If you’ve got a good critical illness insurance policy available, you should be prepared for this battle. Otherwise, you might face some significant difficulties.

The Market Is Constantly Changing

You may consider yourself in an advantageous market position right now, but that can all change in the blink of an eye, especially in some more volatile markets that are much more prone to constant change. Even if you’re seemingly covered from top to bottom with your current insurance policies, that could easily change when the whole climate shifts. Having to dig through mountains of documentation to find a clause that says you deserve your money is the last thing you’ll want to do in a situation like this when your health is at stake.

When you’re covered by a critical injury policy from a company like Applescott Insurance, you don’t have to worry about arguing over small details – you’ll know exactly what you’re covered for, and you will be able to get back on your feet (at least financially) if the worst happens.

A Healthy Lifestyle Alone Is no Guarantee

Many people consider certain types of insurance – like critical illness policies – to be a waste of money. After all, if you maintain a healthy, active lifestyle, why would you even need to spend so much money on a policy like that month after month?

The truth is that nobody is completely protected against illness or injury, not even those who look after themselves meticulously on a daily basis. In fact, the ones that consider themselves immune to these sorts of problems are usually those that get hit by reality the hardest when they realize that they are now dealing with something devastating.

Knowing that you’re covered by a proper policy in those cases is not just about financial security – it can give you a proper peace of mind. You won’t have to worry over your financial future every night as you’re drifting off to sleep, and you’ll be able to organize your life much better when you know that you’re covered against the worst. There are many psychological factors that play into this, and it’s worth getting good coverage just for that benefit alone.

Stop foolishly thinking that critical illness insurance is something only the perpetually sick need. It’s a wise investment for many people in modern society, even those who might be at a low risk of having anything happen to them. It’s also not a costly one, at least compared to some other types of insurance policies, and it’s one of the best decisions you can make when setting up your finances for the future. Of course, make sure that you keep an eye on that policy and discuss any changes with your insurance provider sooner rather than later, as missing an important policy change can quickly lead to a variety of problems.