Critical illness insurance pays a lump sum benefit in the event you suffer a medically diagnosed illness or disease as defined by a life insurance company in their product disclosure statement (PDS).
With the advent of treatment technologies during this century, it is now possible for women to survive things like breast cancer and heart attack if diagnosed and treated early, making it an appropriate policy when it comes to personal insurance for women.
That is where critical illness insurance (also referred to as serious illness insurance) can help. The funds from a critical illness benefit payment can be spent at your discretion. Most people use the money to pay for medical bills and additional costs like alternative therapies, although some also use the funds to pay for living expenses and a nanny and/or baby sitter if they cannot look after the family for an extended period of time.
Critical illness insurance statistics
Female policyholders are five times more likely to claim on critical illness insurance than on life insurance and six times more likely to claim on critical illness insurance than total and permanent disability (TPD) insurance (1).
Breast cancer is the most common form of cancer and accounts for one in three of all female cases in a year (1). The significant growth of breast and ovarian cancers were detected and treated nationwide is a crucial contributing factor to the growing need for women to be insured in critical illness policies.
The need personal insurance for women is clear. With the claim facts in mind, it is obvious that serious illness insurance provides genuine value for women.
Critical illness insurance for women
Other sectors of women, such as the stay-at-home or part-time mothers, need to be considered as much as women in the workplace.
Illness and disease do not discriminate irrespective of whether you are male or female. It is worth while being protected particularly if you have children, a spouse, or other dependents.
If you would like to ensure that you have enough funds to pay for medical bills if you are suddenly diagnosed with a serious medical condition, then you might want to compare competitive critical illness insurance quotes or trauma insurance quotes to find the most suitable one for your situation.
1. MLC Claims Statistics 2008