Do I need critical illness cover?

29th March 2020

Critical illness cover is a type of health insurance policy that will give you peace of mind and can provide a considerable payout if you’re diagnosed with a life-threatening illness. Illnesses covered vary widely depending on your critical illness policy provider, but a number of core conditions are traditionally covered by all:

  • Cancer
  • Heart attack
  • Kidney failure
  • Coronary artery bypass
  • Stroke
  • Multiple sclerosis
  • Major organ transport
  • Permanent disability caused by an illness or injury

Critical illness policies usually carry a number of specific conditions that would render a claim invalid, so always check the exclusions to ensure you’re adequately covered. These exclusions could include pre-existing medical conditions, minor heart attacks or early cancer diagnoses.

In contrast to income protection insurance that provides you with a regular payout to replace your lost income, critical illness cover gives you a lump sum, tax-free payment that you can use to pay your mortgage, your living expenses and, if required, your treatment.

Why you should consider critical illness cover:

  • If you don’t receive any benefits that would cover you for long-term sickness from your employer.
  • If you don’t have enough savings to pay for your care or your living expenses if you become ill and can’t work.
  • Depending on your financial circumstances, you may be able to claim statement benefits of around £100 per week – if that isn’t enough, critical illness can bridge the gap.
  • If you’re single and don’t have any dependents, critical illness will give you a one-off payment as opposed to a payment they’ll need in lieu of your income.

The cost of premiums for a critical illness policy will vary according to your age and health, i.e. the level of risk you represent to your insurer, so it’s important that you talk to an independent financial adviser who’ll have access to multiple products from trusted insurers across the entire market.

If you’d like to know more about critical illness protection, talk to our team or insurance specialists and we’ll help you find the most suitable cover. Call us on 08454 500200 or click here to make an enquiry.

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