Insurance policies are always purchased with the hope that they will never be needed. Personal accident covers are no exception. Many of us would rather not even think about accidents – but this shouldn’t stop us from thinking about protection for us and our dependents against the financial burden, in the eventuality that an accident does occur.
You do need insurance to cover this risk. We think that critical illness policies would be a good choice here. The advantage of buying a critical illness insurance plan is that on diagnosis of a specified serious illness, the insurer pays you a promised lumpsum amount with no questions asked on how you’re planning to spend the money. Critical illness covers are usually offered from a very young age with the age of entry capped at 60 or 65. These policies, however, offer life-long renewability. While many insurers waive medical tests for younger folk, taking such a test can ensure a better claims experience at a later date.