Critical Illness Cover is a form of insurance that pays out if you are diagnosed with a Critical Illness. There are numerous critical illnesses including cancers, heart attacks and strokes. The illnesses covered can also differ depending upon which insurance provider you choose so it is important to have a shop around.
You can choose how long the cover will last so it is easy to tailor the cover to certain milestones e.g. children finishing their education or your final mortgage repayment.
Critical Illness Cover can also be implemented as a part of your Life Insurance policy so you are paid in either instance.
Do I need Critical Illness Cover?
Almost everyone can benefit from Critical Illness Cover. The cost of cover depends on your age and medical history, so Critical Illness Cover is never cheaper than today.
If you/your family rely on your salary to cover the majority of your expenditure, then you should definitely consider insuring yourself.
If you don’t have any outstanding commitments or dependents, you may still wish to consider Critical Illness Cover in order to ensure you could get the best treatment possible if the worst were to happen.
How much cover do I need?
For those who have fixed commitments, e.g. mortgage repayments, this question is easy to answer. You should have, at least, enough cover to pay off your outstanding commitments if you were to fall ill.
For those who have a family to look after, you should have enough Critical Illness Cover to sustain their quality of life for approximately two years. The two-year figure is used as most people who suffer from a Critical Illness are usually back on their feet or no longer with us after two years.
It is often recommended that both Life Insurance and Critical Illness Cover are put in place in order to secure your financial position against either unfortunate circumstance.