Insurance is one of those types of things that, unless you absolutely have to have it, or you’ve been in a situation whereby insurance could have changed your life for the better, the chances are that, most people will opt out. The biggest reason for people not taking out insurance is mainly twofold which is explained below, including why those reasons don’t really make a lot of sense.
As above, usually the reason for people not to take out a particular insurance is twofold, number one is the cost, most people compare critical illness insurance prices and then put the idea off as they would rather not spend out the extra money every month, if they don’t have to. Number two is that, few people think that it will ever really be them that needs the insurance. At one point or another you must have thought, oh, it will never happen to me and then, low and behold its eating one’s own hat time. If you are ever in an accident or become critically, I’ll, considering the potential financial impact it may have on your life then, this type of thinking makes even less sense.
The thing is, with critical illness cover, it isn’t just you that you have to consider, is it? What about the loved ones that could be affected, struggling to sleep at night worrying about medical care and living costs, what will they do? If, there is rent to pay, a mortgage, or other important financial commitments that you pay, or contribute towards, how would that affect your family or loved ones and what would their future look like? If they had to be responsible for covering all of the monthly out goings it probably wouldn’t look so good.
Value for money?
It could be really difficult to consider things like, value for money if you either flat out can’t afford critical illness insurance cover or, are firmly placed in the, it will never happen to me box. Sometimes, a shift in thinking is needed and perhaps, a quick bit of math will start to open one’s mind to the idea of, how little sense it makes to opt out. When looking at costs, it is important to look at the potential payments you could receive opposed to what you will be asked to pay each month, if you can enter into this way of thinking then you can see how much value for money you stand to benefit from
With insurance, there is no doubt that, if you pay for a policy throughout your entire life and never claim, then, it could be deemed as costly, depending on how much you value peace of mind, of course. However, if something terrible were to happen to you then the medical costs alone can end up being much more than the total amount that you could have paid in over that lifetime. When you take the time to actually look at what you get with comprehensive critical illness cover it starts to look quite attractive.