Aviva has highlighted the wisdom of having critical illness insurance cover, with some shock figures relating to the immediate costs of ill-health.
Taking as an example a person disabled by a stroke, the costs of converting their home to deal with this tragic situation would require over £3,200 on day one. This is simply to facilitate basic functions such as access, mobility, and continued independence within the home. Additional costs for medical treatments and carers would follow later.
Costs of all items below are based on actual products currently available on the market.
A motorised wheelchair would be required straight away, to allow the person freedom to leave the home when they so desire. As of today (June 2010) a basic model would cost £455.
In order to negotiate a step in the garden path, 1 x 2ft foldable access ramp: £95.
In order to have access to the upper floor of the house: 1 x motorised stair lift: £895
Use of toilet: toilet frame with integrated designed seat: £87
Personal bathing: in order to lower and raise the disabled person into the bath: 1 x electric bath seat £581
For rest day and night: hand-controlled position-adjustable electric bed frame: £1,168
This gives a total of £3,281 for indispensable items that would be immediately necessary for independent, day to day living, following a stroke.
Critical illness insurance cover offers a tax-free lump sum payment when a person is struck down by a critical illness or health condition. Each policy has its own list of conditions covered and its own exclusions. Understanding the ‘small print’ is particularly important, as exclusions may have a direct effect on critical illness insurance claims.
This makes critical illness insurance a product best purchased with unbiased financial advice from an independent financial adviser. Many customers can achieve a saving by taking a combination of life and critical illness insurance as a ‘bundled’ product.
