The necessity for critical illness cover has increased in the recent past. This is especially true of self employed plumbers who normally have to look for a means of survival after they are out of work temporarily with no one to fill the void. Here are three major reasons why you should contemplate taking this policy in order to get compensation when you need it most.
The first reason for taking critical illness cover is that it allows you to obtain an installment-based remission from the insurer after a diagnosis reveals that you suffer from a terminal ailment. For many self-employed experts, going for the monthly payment arrangement guarantees a stable financial future. In other cases, waiting to claim a lump sum, which can amount into thousands of Sterling Pounds, can mean earning enough money to establish a big plumbing company.
It is also essential to opt for this policy because it buffers any industrial accidents such as sawing the hand with a tool or suffering a serious injury when repairing a gas pipe. There are actually plans that usually settle bills through the doctors’ receipts. This means that you will not have to use out-of-pocket means to pay otherwise high hospital expenses. As long as the plan indicates that you will always receive an equal amount to the medication bill, you can be sure that it will save your current income.
A final reason to apply for critical illness cover as a self-employed plumber is that the premiums are low and distributed to times when you usually get your earnings. If you continue paying for years, without claiming monthly remissions, then you can receive an extremely high lump sum that can help your family lead a comfortable lifestyle. Recently, a young British policy holder, actually a plumber, who had usually paid 80 Sterling Pounds in premiums per installment for 24 months, claimed a total of 165,976 Sterling Pounds.