Critical Illness Cover – Is it right for you?

Critical Illness Cover – Is it right for you?

In today’s blog, the Cheapest Life Insurance is going to look at Critical Illness Insurance and how it could be a great investment for your future.

Nowadays most people will have some sort of life insurance in place, but how many people actually have insurance for when they live?

Critical illness cover is an insurance that will pay out a one off payment if you are diagnosed with a serious illness. This insurance is designed to help pay any bills that you may have otherwise struggled with, such as paying off your mortgage and any other bills.

Not all medical conditions will be covered under your critical illness policy, as all insurers cover different number of conditions. This is why it is important that you do your research before deciding which policy to take out.

Examples of some critical illnesses that are covered are:

  • Heart attack
  • Certain types and stages of cancer
  • Multiple sclerosis
  • Stroke

If you are diagnosed with a serious illness, once you have made your claim the policy will then end. If you are permanently disabled from in illness or an injury, most policies will also pay out.

Is Critical Illness right for me?

Critical illness cover could be a good choice if you do not have savings, that could be used to pay for any bills if you were seriously ill. It could also a good idea if you do not have an employee benefits package to cover you, if you were off work due to sickness.

If you find yourself having enough savings, or other methods to keep on top of your outgoings if you were diagnosed with a serious illness, or your partner could cover any costs such as a mortgage you are likely to not need critical illness cover.

It is important to note that Critical Illness Cover will only pay out if you are diagnosed with one of the illnesses that are covered under your policy. If you are off work due to any other illness, you will not be covered. Critical Illness cover can be an expensive choice, but a great investment for people who have no other way of supporting themselves financially.

The premiums for critical illness can vary depending on your current health and age. If you are younger with no health problems, you will be seen as less of a risk than someone who is older with health problems, which would make your premiums cheaper.

You can also choose how much sum assured you want within your policy. The more money you are covered for, the more your premiums will be.

If Critical Illness Cover is something that you might be interested in, why not contact us to receive a free quote? Click here to fill out our quote form and one of our friendly consultants will be in contact with you shortly.

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