Is Critical Illness Cover A Good Choice?

One's health is said to be one's wealth, and when a critical illness occurs, the adage becomes self-evident. The cost of caring for such unseen catastrophes can undo the savings of even the most well-salaried individual. Yet the added expense of acquiring a policy to cover this potential health risk along with any life assurance scheme that is carried may be difficult to justify for many.

The debate over whether one should invest in critical illness cover exposes a certain amount of logic on both sides. While on the one hand it can be said that leaving this health risk to the whims of fortune and one's company coverage is foolhardy at best, the respondent might well argue that the premiums paid to assure against such an unpredictable event would be better spent on other, more promising, investments.

There is certainly no means of reliably predicting whether or not one may be affected by a critical illness at some point in the future. This is the aspect of risk-taking that constitutes the core of the entire assurance provider industry. It is left up to each individual to decide their own risk tolerance, despite the numerous studies and reports on perceived increases in the occurrence of serious health threats. While a life assurance policy can be found in many an investment portfolio, many still cannot seem to justify the addition of a critical illness policy, but for those it might be time to step back and look at the overall picture to really get an idea on the fact that they may need it.

Considering the large pallet of choices in terms and coverage offered by most assurance companies, the debate may be best conducted by seeking counsel not only from health assurance advisors but one's own conscience, and pocketbook, as well.



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