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Why You Absolutely Need to Have this Right Now...
Posted on
10 April 2016
| Last updated on 14 May 2018
Critical illness cover pays a tax-free lump sum if you're diagnosed with a defined critical illness during the policy term, such as:
- Heart attack
- Stroke
- Cancer
- Multiple Sclerosis
When you take out a policy you can decide how long it will last e.g. until your children have grown up, or until the mortgage is paid off.
Critical illness cover is often available as a combined policy with term life insurance.
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Who needs it?
Different people will need critical illness cover for a variety of reasons.
If you’re single, you might want a policy to ensure your mortgage is paid, and some form of cover is often a requirement of the mortgage application.
If you have children, you may want to ensure your family is provided for if you can’t work due to ill health.
Recovering from a critical illness can also mean extra costs for you and your family e.g. making changes to your home or car. Your payout could be used to cover this.
Should you get critical illness insurance?
Most people could benefit from a critical illness policy, but the impact of the premium and the benefit of the payout will vary from person to person.
It's a matter of weighing up the monthly cost against the benefits of a payout. If you and your family depend heavily on your salary, it could be exactly the kind of protection you need.
